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Aquis-listed blockchain company Coinsilium grew revenue by 74% year-on-year to £139,000 according to its latest interim report.

The group ended the period with £1.1m of cash in the bank and around £1.3m of crypto cash reserves denominated in bitcoin (BTC) and ether (ETH).

Losses for the period amounted to £1.3 million, largely due to the decline in value of the company’s digital assets.

Although volatile crypto markets have impacted Coinsilium’s accounts, the company does not operate in crypto and does not lend to third parties, which reduces exposure to market conditions.

Coinsilium’s future strategy is focused on decentralized finance (DeFi), NFTs and, increasingly, Web3 and metaverse opportunities.

“We are also seeing an enormous level of drive, stoic resilience and professionalism in the growing pipeline of talented project teams we are investing in and working with right now,” the company said.

“This gives us a high level of confidence in their ability to achieve their ambitious goals and return long-term value to Coinsilium and our shareholders, regardless of current market conditions.”

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