#COIN Coinsilium – Greengage Investment Update December 6, 2021 – Posted in: Blog, Coinsilium (COIN) – Tags: , , , , , ,

London, UK, 6 December 2021 – Coinsilium Group Limited (AQSE: COIN) (OTCQB: CINGF), the Blockchain and Open Finance venture builder, hereby reports that it has received a shareholder update from portfolio company Greengage Global Holding Ltd (“Greengage”). The Company announced on 8 September 2021 that it had invested GBP200,000 in convertible notes and had also taken GBP300,000 equity in a secondary stake sale that valued Greengage at GBP27.3m. The investment was undertaken via Coinsilium’s wholly-owned Gibraltar registered subsidiary, Seedcoin Limited (“Seedcoin”).

 

In the shareholder update Greengage advised the Company that it has taken the decision to withdraw from its Gibraltar banking license application process and that it will now pursue an alternative strategy for growth and development within the United Kingdom. The decision to withdraw the Gibraltar bank application was taken after receiving updated indications from the Gibraltar regulator that the firm would need to significantly increase and bring forward its planned funding in order to meet anticipated launch capital requirements.

 

Greengage has advised its shareholders that it will continue to build upon its strengths, and existing revenue streams, to deliver its wider vision of bridging the traditional financial services space with the new digital innovations in cryptoassets and blockchain. Greengage’s Board has now approved a strategy centred around revenue growth for the next 6-12 months. New areas of opportunity include pursuing an e-money licence starting initially with a white label solution. It is also planned that within 12-24 months, Greengage will lay the groundwork to make a new UK bank licence application.

 

Greengage CEO Sean Kiernan commented: “Greengage and the team are excited about the next steps for the business which are based on concrete goals and clear achievable milestones to continue to grow revenues for the firm. We are grateful to all of our investors and remain committed to delivering on our fiduciary responsibilities to deliver increased shareholder value.”

 

Coinsilium CEO Eddy Travia commented: “We fully support Greengage’s new strategy and pathway to growth. Given the circumstances, we trust the Greengage team has made the right, although difficult, decision in withdrawing from the Gibraltar banking licence application process and focus its attention on the UK market.

“As originally envisaged at the time of making our investment in Greengage, both Greengage and Coinsilium teams have now started collaborating strategically to explore opportunities to develop regulatory compliant Decentralised Finance (De-Fi) commercial products and solutions. Both teams remain focused on this strategic collaboration and we look forward to providing further updates to the market in a timely fashion.”

 

The Directors of Coinsilium Group Limited take responsibility for this announcement.

 

 

Coinsilium Group Limited

Malcolm Palle, Executive Chairman

Eddy Travia, Chief Executive

 +350  2000 8223

+44 (0) 7785 381 089

www.coinsilium.com
Peterhouse Capital Limited

Guy Miller / Mark Anwyl

(AQSE Growth Market Corporate Adviser)

 +44 (0) 207 469 0930
SI Capital Limited

Nick Emerson

(Broker)

 +44 (0) 1483 413 500
Buchanan Communications

Chris Lane / Toto Berger

(Media and Investor Relations)

 +44 (0) 20 7466 5000

E: coinsilium@buchanan.uk.com