CoinSmart (NEO: SMRT) (FSE: IIR), one of the first approved crypto exchanges in Canada, says revenue hit a record amount of $1.94 million in November.
CoinSmart Financial Inc., a publicly-traded firm, said preliminary unaudited monthly revenue in November 2021 represents a 7% increase compared to October 2021 and was primarily driven by increased trading volume.
November 2021 Highlights:
- Record Monthly Revenue of $1.94MM
- Assets Under Management (AUM) of $71MM
- Cash Flow Positive
- Approx. $18.3MM in cash and cash equivalents and $3.2MM in crypto assets for a total of $21.5 million ($0.36 per share)2 as of January 4th, 2022
- CoinSmart reports no debt
Justin Hartzman, CoinSmart CEO, commented:
“November saw incredible volatility in the market, leading to increased revenue and a record set once again. CoinSmart thrives on the asset classes extreme volatility creating market opportunities, translating into increased trading activity amongst our client base. We are thrilled to be the marketplace of choice to facilitate such action. CoinSmart’s revenue is not pegged to any one crypto asset’s price which is one of the main advantages of being an ecosystem trading platform.”
CoinSmart is registered as a securities dealer and marketplace with the Ontario Securities Commission. CoinSmart is also one of the first Canadian headquartered trading platforms to have an international presence, accepting customers across 40+ countries at a time when the digital asset industry continues to rapidly expand.