Coinsilium Group (NEX: COIN), the blockchain venture builder, advisor and investor that manages and finances the development of early stage blockchain technology companies, has today issued a press release providing an update on its Gibraltar operations.
The Company announced in its Strategic Update of 14 January 2019 that it would be increasing its presence in Gibraltar by moving the management of core operations from London, to include its advisory services division. This relocation to Gibraltar reduces the Company’s operating costs, enabling Coinsilium to allocate more resources toward investments and the provision of revenue generating activities such as its accelerator and advisory services.
Coinsilium (Gibraltar) Limited (“CGL”) is now incorporated as a wholly owned Gibraltar registered subsidiary of Coinsilium Group Limited and will act as the Company’s operating vehicle in Gibraltar. CGL is registered with the local tax office and is now in the process of applying for the relevant business licences to enable the undertaking of its proposed business activities and to grow the Company’s advisory services capability in Gibraltar.
CGL is positioning itself to provide a range of specialist services including educational and strategic advisory support. CGL is also well positioned to play a significant role in the fast-growing sector of Security Token Offerings (STOs) or Digitised ‘Smart’ Securities. The company expects to make further announcements in this regard in the coming weeks and months.
Gibraltar was identified by Coinsilium as the jurisdiction of choice and provides a progressive regulatory environment that welcomes innovation, together with an accessible and forward-thinking regulator. This provides a higher level of regulatory certainty for companies operating within the blockchain and cryptocurrency sector. Gibraltar is currently attracting numerous international Fintech businesses, including blockchain start-ups, multi-currency digital wallet providers, e-money institutions and innovative payment service providers.
Demonstrating the importance of this business development Coinsilium Group Executive Chairman, Malcolm Palle, is in the process of relocating to Gibraltar to drive and manage CGL’s operational build-up.
To provide advisory services on the setting up of CGL in Gibraltar, Coinsilium has appointed Gibraltar law firm, ISOLAS LLP. Isolas is a market leader in the Fintech sector, having worked closely with the Government of Gibraltar and the Gibraltar Financial Services Commission on various niche areas within this space. Isolas has been instrumental, through its participation in Government established working groups, in shaping discussions and regulatory proposals for Crypto-Currency, Crowdfunding and Distributed Ledger Technology.
On the move, Malcolm Palle, Executive Chairman of Coinsilium, commented: “The establishment of Coinsilium (Gibraltar) Limited is an important step in the transition of our advisory services division and we look forward to working closely with our advisors and business partners in Gibraltar.
It is the Company’s objective to utilise this strategic development to drive our activities and rapidly build shareholder value. After the work undertaken in recent years’ we have established a robust business model and a growing asset base with an extensive degree of connectivity in the early stage blockchain technology environment from which to leverage our growth.
We have already advised numerous Gibraltar-based blockchain and cryptocurrency businesses such as Gibraltar Blockchain Exchange (GBX), StartupToken, RIF Labs and Dether, and we are looking to build close relations with a wider group of businesses in the territory.
We look forward to working with our partners to leverage the tremendous potential the Gibraltar opportunity offers.”
Joey Garcia, Partner at ISOLAS LLP commented: “We are delighted to be working with and assisting Coinsilium on their establishment and expansion in Gibraltar. This move is demonstrative of the key players that Gibraltar is attracting in the space and will no doubt benefit the growth of the sector.”
Coinsilium is a venture builder, investor and advisor, supporting early-stage blockchain technology companies and the digital token economy. As the first ever IPO of a blockchain company in 2015, Coinsilium harnesses its experience and wide-ranging network to invest in some of the world’s leading blockchain projects such as RSK/RIF Labs and Factom. Coinsilium shares are traded on NEX Exchange Growth Market, the primary market for unlisted securities operated by NEX Exchange, a Recognised Investment Exchange under the Financial Services and Markets Act 2000.