Consentium raises $20m to build FinTech chat app

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fintech insurtech wealthtech regtech ai cybertech esg news

Singapore-based Consentium, a multi-digital currency and group monetisation chat application, has raised a total of $20m.

The company, which allows peer-to-peer (P2P), multi-digital-currency transfers between users, has closed its pre-sale early after hitting the $20m cap in the first hour. However, to cater to the overwhelming interest the company said it will be extending its public sale dates to run from 15th April till 30th April.

Consetium is a best-in-class application with multi-digital currency C2C (consumer-to-consumer) transfers, as well as chat community monetisation model(CCM). The company claims the bedrock of its CCM engine lies in its transactional fee redistribution program as an incentive to create and cultivate ‘strong in-app communities’.

“It was great to see such a strong interest at the event, and we saw an equally great response to Consentium’s concept of monetising the creation and participation in community chat groups”, commented Hal Bame, co-founder of Consentium. “The lack of incentivized mechanics and apps for both passionate community members and business customers are very apparent and we believe Consentium addresses this need in a truly innovative way.”

Its chat community monetisation model serves as a way to automate and incentivise in-app community building, which it claims is not currently something offered by other chat-apps in the market today.

All transfers of cryptocurrencies between users on Consentium will be charged a network usage nominal fee of 1%. The 1% fee will be borne equally by both transferor and transferee (e.g 0.5% each party).  All transactional fees will enter and be escrowed in the distribution pool via a cold offline wallet. From the distribution pool, on a monthly basis, funds are parse through the CCM module and automatically reallocated fully to the community creators and users based on preset criteria.

Consentium Tokens will be based on the Ethereum platform. Last month, the company announced its partnership with security firm ThothTrust to manage the overall security for Consentium, mainly focused on wallet encryption methods. Through its Customizable Secure Cryptography (CSC) product, ThothTrust will store, process and execute cryptocurrency transactions for Consentium and its users.

Copyright © 2018 FinTech Global

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