Home Business BIGG Digital Assets Inc. Reports Second Quarter 2022 Financial Results

BIGG Digital Assets Inc. Reports Second Quarter 2022 Financial Results

0
BIGG Digital Assets Inc. Reports Second Quarter 2022 Financial Results

VANCOUVER, British Columbia, Aug. 29, 2022 (GLOBE NEWSWIRE) — BIGG Digital Assets Inc. (“BIGG” or the “Company”) (CSE: BIGG; OTCQX: BBKCF; WKN: A2PS9W)Netcoin owner (Netcoins.ca) (“Netcoins”), the online cryptocurrency brokerage that makes it easy for Canadians to buy, sell and understand cryptocurrency, and Blockchain Intelligence Group (blockchaingroup.io) (“BIG”), a leading developer of blockchain technology research, risk scoring and data analytics solutions, is pleased to report its second quarter 2022 financial results. All figures are in Canadian dollars (CAD) unless otherwise specified.

Q2 2022 Highlights:

  • Gross operating revenue of $2.25M, including $1.75M for Netcoins (down ~12% from Q3) and $0.5M for Blockchain Intelligence Group (up ~30% compared to the previous year)
  • Netcoins Q2 revenue of $1.75M down 12% quarter-over-quarter (QT), vs. 39% decline in industry average volume1significantly outperforming the broader market
    • Customer accounts grew ~13.5% in Q1 (TQ) to ~168,000
    • Customer escrow deposits exceeded $58 million in the quarter
    • Gross trade margins exceeded 1.3% in Q2
  • BIG’s Q2 revenue represents 30% growth over Q2 2021, with gross margins of 82%
  • TerraZero Generated $0.17M in Q2 2022 Revenue, BIGG Proportionate Profit Equivalent to $0.057M
  • As of June 30, 2022, BIGG’s cash and crypto holdings were approximately $19 million.
  • The Company has no debt

Other highlights:

  • BIGG currently owns around 500 bitcoins, worth around $13.1 million
  • Netcoins currently has custodial client assets of approximately $60 million
  • Registered Netcoin Users Now Surpass 172,000
  • Blockchain Intelligence Group’s compliance suite (QULUE and BitRank) now supports 11 blockchains, including 425,849 ERC-20-based tokens and 108,450 NFT collections. The company assessed the risk of 7.8 billion addresses and transactions. Several new blockchains requested by customers and prospects are under development and will be released in the coming months.

Selected financial and operating information should be read in conjunction with BIGG’s unaudited condensed consolidated interim financial statements and related MD&A for the three and six months ended June 30, 2022, available at www.sedar.com.

All financial information contained in this press release is prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board.

BIGG CEO Mark Binns commented:

“While the second quarter of 2022 showed a slight revenue contraction from the first quarter, Blockchain Intelligence Group revenue was flat and Netcoins significantly outperformed its trading peers contracting only 12%, despite falling industry-wide volumes of up to 39%.1. Netcoins’ customer base grew by over 13% in the quarter, and with the return of volume and volatility to the market, we are very well positioned to take advantage of this.

“In Q2, Netcoins also expanded coin offerings on the platform by an additional 20 coins, bringing our total to 36. For the majority of Q1, Netcoins only offered 11 coins pending regulatory updates With 36 coins now offered and a larger customer base, Netcoins continues to grow and mature as a business and is among the top crypto trading platforms in Canada.

“In the second quarter, BIGG also invested $2 million in Luxxfolio acquiring an approximate 15% stake. This adds a diversified crypto mining company to our portfolio, which now spans commerce, forensics, metaverse and mining.

“Finally, despite the crypto ‘contagion’ seen in Q2, BIGG remains healthy with no debt or lending of customer (or corporate) assets. BIGG continues to grow its core businesses and invest in new businesses and emerging opportunities. We look forward to sharing further updates on our progress in the near future.”

1 Coingecko Q2 2022 report on cryptocurrencies

On behalf of the Council
Marc Binns
CEO
ir@biggdigitalassets.com

Investor Relations
Victoria Rutherford
Victoria@adcap.ca
Such. : 1.480.625.5772

About BIGG Digital Assets Inc.
BIGG Digital Assets Inc. (BIGG) believes the future of crypto is a safe, compliant, and regulated environment. BIGG invests in products and businesses to support this vision. BIGG has four holding companies: Netcoins (netcoins.ca), Blockchain Intelligence Group (blockchaingroup.io), TerraZero (terrazero.com) and Luxxfolio (luxxfolio.com).

Blockchain Intelligence Group builds technology to power compliance and intelligence for the future of crypto. Banks and crypto companies depend on our technology to monitor the risks of crypto transactions. Investigators and law enforcement quickly identify and track illicit activity. Blockchain Intelligence Group is recognized worldwide by banks, crypto companies, law enforcement, fintechs, regtechs and governments.

netcoins develops brokerage and exchange software to make buying and selling cryptocurrency easily accessible to the general public and investors with a focus on compliance and security. Netcoins uses BitRank Verified® software at the core of its platform and facilitates crypto trading via its mobile app on the App Store and Google Play Store and on the web at Netcoins.app.

TerraZero is a vertically integrated Metaverse development group and leading Web 3.0 technology company specializing in the Metaverse space. The company’s Metaverse-agnostic vision is to grow, acquire, and fund the Metaverse’s most promising companies, entrepreneurs, and developers. TerraZero also owns digital real estate and provides offices and services to people interested in the metaverse. BIGG owns approximately 30% of TerraZero.

Luxxfolio is a vertically integrated and publicly traded digital asset company based in Canada. It operates an industrial-scale cryptocurrency mining facility in the United States, powered primarily by renewable energy, with a focus on the blockchain ecosystem and digital asset generation. Luxxfolio offers a liquid alternative for exposure to digital assets for the broader capital markets. BIGG owns approximately 15% of Luxxfolio.

For more information and to sign up for BIGG’s mailing list, please visit our website at https://www.biggdigitalassets.com. Or visit SEDAR at www.sedar.com.

Forward-looking statements:

Certain statements in this release are forward-looking statements, which include the completion of search technology software and other matters. Forward-looking statements consist of statements that are not purely historical, including statements regarding beliefs, plans, expectations or intentions regarding the future. Such information can generally be identified by the use of forward-looking statements such as “may”, “expect”, “estimate”, “anticipate”, “intend”, “believe”, and “continue”. or the negative thereof or similar variations. . Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are based will occur. By their nature, forward-looking statements involve numerous known and unknown, general and specific assumptions, risks and uncertainties, which contribute to the possibility that the predictions, estimates, forecasts, projections and other forward-looking statements will not be achieved. These assumptions, risks and uncertainties include, among other things, the state of the economy generally and financial markets in particular, and other factors, many of which are beyond BIGG’s control. The forward-looking statements contained in this press release are expressly qualified by this cautionary statement. Undue reliance should not be placed on forward-looking information, as BIGG cannot guarantee that it will prove to be accurate. Important factors that could cause actual results to differ materially from BIGG’s expectations include consumer sentiment toward BIGG’s products and Blockchain technology generally, technology failures, competition and the inability of counterparties to perform their contractual obligations.

The forward-looking statements contained in this press release are made as of the date of this press release. Except as required by law, BIGG disclaims any intention and undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Further, BIGG assumes no obligation to comment on any expectations or representations made by third parties with respect to the matters discussed above.

The CSE accepts no responsibility for the adequacy or accuracy of the content of this press release.

LEAVE A REPLY

Please enter your comment!
Please enter your name here