Consentium, a Singapore-based multi-digital currency and group monetization chat application, announced this week it has secured $10 million from its private ICO sale, which was launched on 25 January. The company reported that the funding will be used to drive expansion across Asia, including priority markets: Singapore, China in Phase 1, and Japan and South Korea later this year. It will also drive its growth, community development, and product innovation.
The company stated it aims to transcend simplistic chat applications and develop a sustainable future-proof application that can save to host core businesses and propagate real-world communities. It is also on a mission to become the go-platform for all businesses and communities to rely on for communicative needs.
“Consentium allows peer-to-peer (P2P) and multi-digital-currency and C2C (consumer-to-consumer) transfers between users. It also uniquely offers a transactional fee redistribution program as an incentive to create and cultivate strong in-app communities. Consentium uses a reward system based on creation of quality community groups – comprising both amount of users as well as on-app reputation of users.”
Consentium also noted it will be actively engaging in marketing efforts to increase its user base and thereafter, target businesses to increase the application utility. Spearheading this will be Lamia Pardo, SVP of Pangea Money, Consentium’s newly appointed Chief Marketing Officer and Jeremy Khoo, Co-Founder of Dressabelle and Megafash, who will be overseeing business development and partnerships. Hal Bame, Co-Founder of Consentium also stated:
“The global chat app market is now worth over US$48 billion and we see very promising potential with Consentium in bridging consumer-to-consumer trading of cryptocurrency together with mobile community engagement. Our vision is to be the number one social network and best-in-class cryptocurrency application. We will do this by helping users and businesses monetize their passion for cryptocurrency through Consentium.”
Chris Low, CTO of Consentium, also commented:
“We built Consentium with the intention to transcend the average mobile chat application, and develop a sustainable future-proof application that serves to host core businesses on-the-go and propagate real-world communities. Chat applications should not stop short at e-commerce and remittances, but should develop to dominate as the business and community platform of the future. This is the mandate of Consentium – to emerge as the Platform for Communities.”
Consentium added that during the next 12 months it plans to roll out support for additional features.
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