Coinsilium Group Limited (LON:COIN) said its portfolio company Indorse has announced that its IND token staking dashboard is now live in readiness for the launch of its Indorse 2.0 (IND 2.0) token model.
The blockchain and cryptocurrency venture firm said Indorse, for which it also acts a strategic advisor, has said the IND staking dashboard is the first step towards the launch of IND 2.0 and lists details of forthcoming features such as incentives for stakeholders including early contributors, validators and decentralised referral agents, integration of the staking dashboard functionality with the Indorse platform and the delegation of tokens for decentralised governance.
Coinsilium said users of IND 2.0 will be able to stake their IND tokens to earn reward tokens by “depositing” them in the Indorse staking Smart Contract. Staking rewards are given out of a pool of around 14.6mln ‘Inflation Tokens’ that have been kept aside from the IND token sale in 2017.
The firm added that the staking rewards distribution model is designed to be available for 60 months and the available supply will continue decreasing month over month until the 60th month, though may continue beyond this time period depending on availability of IND tokens in the pool.
Staking is the act of ‘locking’ a cryptocurrency token into a digital wallet with the intent of supporting the operations of a blockchain by reducing the circulating supply of tokens and increasing their scarcity. In return for staking tokens for a specified time period, the holder is rewarded with more tokens through a smart contract on the blockchain.
Meanwhile, Coinsilium also updated on the status of its cryptocurrency treasury, saying that as of February 8 the value of its treasury excluding cash at bank was around US$1.98mln, which is predominantly denominated in highly liquid cryptos including Bitcoin, Ethereum and ICX. The company said US$214,703 was denominated in RIF, which will vest monthly over the next 21 months.
The company said since the last update on January 20, the value of its crypto treasury has increased by around 17%, which it said reflected the “ongoing strength in the global cryptocurrency markets”.
Coinsilium also said RIF tokens have recently seen a sharp acceleration in price and trading volumes on Binance.com, the world’s largest crypto exchange, and as of February 8 were trading at around US$0.24 each, a 160% increase in value over the last three months.
The company said it is continuing to actively manage its cryptocurrency portfolio, adding that it is aiming to “maximise returns, taking advantage of the current highly active market cycle”.
Shares in Coinsilium were trading at around 5.2p in late-morning trading on Monday on the Aquis exchange.