Consentium: Chat App with Built-In Fintech Payment System Expands in Asia
In a private sale round, which is still ongoing, the Consentium startup raised $10 million to fuel entry into new markets.
Consentium has bridged the gap between chats and payment solutions with its new app. Developed in Singapore, this is the first of a kind chat app to reward users with crypto coins for any group they create.
Now, Consentium has started regional expansion in Southeast Asia, with China and Singapore targeted as the first markets to expand to. Later in the year, Consentium plans to launch in Japan and South Korea. Toward that goal, the startup has already raised $10 million in a private placement of tokens.
The technology of Consentium allows for peer-to-peer payments in many digital currencies, as well as consumer-to-consumer transfers between users within the chat. There is also an incentive program in place to redistribute transaction fees and encourage the building of communities.
Additionally, Consentium has hired Lamia Pardo, SVP of Pangea Money, to lead the marketing and popularization effort for Consentium. Jeremy Knoo, co-founder of Dressabelle and Megafash, will oversee business development and partnerships.
“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,” said Hal Bame, co-founder of Consentium.
The Consentium transfers will charge a fee of 1%, much lower than traditional credit cards. The fees will be stored in a distribution pool and later be used for incentives and sent out to users on a monthly basis. The fees will be fully redistributed to the community based on fair preset criteria.
All of this would be made possible by the rising trend of using chat apps for purchases in Asia. The Consentium system would be made possible by Consentium Coins (CSM), generated on top of the Ethereum blockchain.
“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,” added Chris Low, Chief Technology Officer of Consentium.
“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 will keep adding features, most actively in the next 12 months. The app team will focus on user experience, security and encryption. Any further proceeds from the token sale would go toward operational costs for development.