The fintech platform also offers a transactional fee redistribution programme as an incentive to create and cultivate strong in-app communities

Consentium, a mobile chat app that also allows multi-digital currency transfer between users, today announced that it has raised US$10 million in additional funding via ICO, taking its total fundraise from private sales to US$20 million.

Early last month, the Singapore startup secured US$10 million from its private ICO sale.

Consentium allows peer-to-peer (P2P), multi-digital-currency transfers between users. The fintech platform also offers a transactional fee redistribution programme as an incentive to create and cultivate strong in-app communities. Consentium uses a reward system based on creation of quality community groups, comprising both amount of users and on-app reputation of users.

Transfers of cryptocurrencies between users on Consentium will be charged a nominal fee of one per cent. The fee will be borne equally by both transferor and transferee.

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All transactional fees will be entered in the distribution pool via a cold offline wallet. Transfer and storage is done through a secure encrypted environment. From the distribution pool, funds are parse through on a monthly basis and reallocated fully to the community creators and users based on preset criteria.

In March 2018, Consentium announced a partnership with ThothTrust to manage the overall security for Consentium, mainly focused on wallet encryption methods. Through its Customisable Secure Cryptography (CSC) product, ThothTrust provides a consultation and customisation service to secure the company’s critical crypto assets. What this secure hardware service does is it stores, processes and executes cryptocurrency transactions for Consentium and its users. For users to access these services, secure identification will be required.

The company is currently working on expansion into China, Japan and South Korea.

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