An influential existing institutional investor made a follow-on investment in Cosmochain…” The service has a high potential”
Howon song, the CEO of Cosmochain
An influential existing institutional investor made a follow-on investment in Cosmochain, which is well-known as a project invested by Kakao earlier before. Crypto funds such as Signum Capital, BlockWater Capital, GBIC made follow-on investments in Cosmochain.
Cosmochain highlighted, “the serial follow-on investments made by top crypto funds imply that Cosmochain’s value has been fully demonstrated through its blockchain-based DApp released to the public for the first time in Korea.”
On November 13, the CEO of Cosmochain, Howon Song, had an interview with The Block Post (The Financial News). In the interview, he explained the rationale behind the successful additional investments as follows: “Top institutional investors such as GBIC, and Signum Capital invest in our project by purchasing Cosmochain’s token called ‘COSM’ in the circulation at the market price. Especially, many institutional investors who participated in the ICO period made follow-on investments this time. That means Cosmochain project has been performing well after the ICO.”
BCC-GBIC-Signum: follow-on investments from top institutional investors
GBIC, Signum Capital, and BlockCrafters Capital already took part in Cosmochain’s ICO before. They decided to make follow-on investments in Cosmochain due to its developing potential from a long-term perspective.
Especially, it is notable that institutional investors did not directly buy ‘COSM’ from Cosmochain, but purchased from the secondary market.
Song explained, “Existing holders can experience an effect of buyback because the price goes up when institutional investors buy COSM in the circulation at a market price. If we were in a rush of money, we would have sold our tokens directly; however, we choose this method because the business is going well.”
The reason Cosmochain succeeded in attracting additional investments sequentially is that COSMEE, Cosmochain’s DApp launched in August, performs well in the market. Upon launching, COSMEE has ranked in top 10 under beauty category of Google Play Store. Within a month of its release, the number of new daily users exceeded 1,000. In addition, it has the highest record of DAU among Ethereum-based DApps.
The First Korean DApp, ‘COSMEE’: the key to attracting additional investments
Sinhae Lee, the partner of GBIC, mentioned, “ Cosmochain is the first example showing that blockchain technology can trigger the inflow of actual consumers through COSMEE. It is unfortunate that Cosmochain’s achievements in real business and the influential power of partner companies are undervalued compared to the scheduled major events.
‘COSMEE’ is a social media service where users can share beauty-related contents. Users who upload beauty contents are compensated with Cosmo Power, a type of reward points. Cosmo Power can be swapped with ‘COSM.’ In the beginning of the next year, COSMEE will have a marketplace feature, allowing users to purchase various cosmetic and beauty products.
Song said, “Our goal is to let users use COSM in various ways without Cosmo Power/COSM swap. I also plan to give users compensation in different cryptocurrencies as well as Cosmo Power by collaborating with the other blockchain projects.”
Ongoing discussion with a global messenger company for collaboration
Above all, Song announced that Cosmchain plans to collaborate with a global messenger company in terms of the token rewarding system. Cosmochain aims to reward COSMEE users with other cryptocurrencies.
In the case of cryptocurrency issued by a messenger company, it can be used in diverse DApp ecosystems and thus users will have a wide range of options when using cryptocurrencies given as rewards.
Working closely with a messenger company, Cosmochain is preparing the service mentioned above. As long as COSMEE can be operated upon the mobile messenger application, there will be various synergy effects. Furthermore, Cosmochain plans to embed COSMEE app on not only mobile messengers but also smartphones.
Song emphasized, “Cosmochain team will try to sign partnerships with diverse partner companies to include COSMEE as a pre-installed app. Given that COSMEE is called as Korea’s first DApp service, we will keep upgrading the service to make COSMEE a practical service used in daily life.”
— by Jun Heo (The Financial News, firstname.lastname@example.org)
Original Article: http://www.fnnews.com/news/201811131140406630
For more details about Cosmochain and COSMEE, please visit the websites below.
※ The contents above contain information subject to change or yet to confirm under the contract. Also, It serves no purpose of recommending or attracting investment in Cosmochain project and is exclusively for sharing information. Accordingly, any results from making a decision based on the contents as a reference are the responsibility of the decision makers themselves. In other words, the Cosmochain Team holds no legal responsibility for any damages, losses or other results.
Medium : https://medium.com/@Cosmochain
Cosmochain Web: https://cosmochain.io
COSMEE Web: https://cosmee.co/