Consentium Looks To Monetize Cryptocurrency Transfers. Consentium, the first multi-digital currency and group monetization chat application for Asia, was released to the public Jan. 25. The $10 million in funding raised from a private ICO sale will be used to expand to other Asian markets – China, Singapore, South Korea and Japan. One of the goals of Consentium is to increase product invention and improvement while also fostering community development and business growth.
The chat app will let various types of transfers between users to go through – multi-digital currency transfers, C2C (consumer-to-consumer) and peer-to-peer transfers. The program includes a transaction fee redistribution effort to help foster in-app communities. This reward system was developed to promote high-quality community groups that include number of users and the repute of on-app users.
Consentium, for its efforts to encourage people to carry out in-app transactions and boost community development, is partaking in various marketing campaigns to surge its numbers and target companies to use the app.
The campaign, which also entails supervising business partnerships and development, is being led by two people – Consentium Chief Marketing Officer Lamia Pardo and Dressable and Megafash Co-Founder Jeremy Khoo.
Consentium Co-Founder Hal Bame said the world chat app market is valued at more than $48 billion. Bame said Consentium could help bring together consumer-to-consumer cryptocurrency trading with mobile community engagement. He said the company’s goal is to be the best social network cryptocurrency application, which it can be by assisting businesses and users monetize their cryptocurrency passion.
Consentium users are charged a one percent fee on cryptocurrency transfers, which is equally divided by both the person initiating the transfer and the one receiving it. Transactional fees are placed in a distribution pool through a cold offline wallet. Each month, the funds will be allocated to users and community creators that meet a certain set of guidelines.
What’s Giving Consentium Its Momentum?
Consentium is getting its momentum from the interest in cryptocurrency and the worldwide chat app market, especially in the Asia market. Two primary things spear Consentium’s growth:
- Asian market is quickly breaking into the mobile market
- Rise in popularity for FinTech and digital currencies
Consentium produces Consentium Coins on the Ethereum platform.
Consentium Chief Technology Officer Chris Low said Consentium was developed to go beyond mobile chat applications; to offer a more viable “future-proof” application for business and communities. He said chat applications should be made to lead – to be the future’s community and business platform.
Over the course of the next year, the company will unveil support for other features. Fundraising proceeds will go to operation costs, technology development and improving user experience to ensure better encryption and security features.