BIGG Digital Assets Inc. (CSE: BIGG), owner of Netcoins, the online cryptocurrency brokerage that makes it easy for North Americans to buy, sell, and understand cryptocurrency, and Blockchain Intelligence Group, a developer of blockchain technology search, risk-scoring and data analytics solutions, is pleased “to report Q1 2023 financial results.”
All figures are “in Canadian Dollars (CAD) unless otherwise stated.”
Q1 2023 Highlights are as follows:
- Gross operating revenue of $1.5M (up 28% QoQ), with $1.1M for Netcoins (up 55% QoQ) and $0.4M for Blockchain Intelligence Group (down 14% QoQ)
- Net loss of $750,925, as compared to a net loss of $5,534,090 for same period of the prior fiscal year (YoY)
- TerraZero generated $612k in revenue in Q1 2023, representing 130% growth YoY and 628% growth QoQ
Further Highlights:
- BIGG currently owns 150 Bitcoin, valued at approximately $5.6M
- Netcoins currently has customer Assets Under Custody of ~$61M
- Netcoins registered users now exceeds 203,000
- Blockchain Intelligence Group’s compliance suite (QLUE and BitRank) now supports 16 blockchains, including Bitcoin, Dash, Zcash and TRON, and over 700,000 tokens and NFTs on the Ethereum blockchain.
- Selected financial and operating information should be read in conjunction with BIGG’s unaudited condensed consolidated interim financial statements and related
- Management’s Discussion and Analysis for the three months ended March 31, 2023, available at www.sedar.com.
BIGG CEO Mark Binns, commented:
“Q1 2023 showed a nice rebound in the broad crypto market and crypto trading as well. Netcoins trading volumes and revenue rose nicely quarter over quarter. Our customer base continued to grow in Q1, and Netcoins continued the expansion of its US operational footprint with the launch of its platform in New Jersey, Indiana, Oklahoma, Colorado, Kentucky, Kansas, Nebraska, Delaware, Wyoming, Utah and South Carolina. The combined population of its 16 active states is over 122 million, which provides Netcoins with a significant opportunity for growth for its No Fee Trading platform.”
Netcoins reportedly “added three new crypto assets during the first quarter: NEAR Protocol (NEAR) (Market Cap $1,699,858,471), QUANT (QNT) (Market Cap $1,633,462,936) and Cosmos (ATOM) (Market Cap $3,310,705,840). Netcoins total coin offering is now 37 coins.”
Netcoins Canada has also been “approved to offer Staking in Canada which we expect to launch in June with Ethereum (ETH).”
This will be “a significant step in the growth of the platform. With Crypto Trading, Pay and Staking, the portfolio of products offered to Canadians is amongst the best in the country.”
In Q1, Blockchain Intelligence Group “continued to add support for new blockchains, which include Cardano, Stacks, Doge, Monero, Zcash, Tron (TRX) and more.”
By expanding its ecosystem of supported blockchains, BIG is able to better “serve investigators in their efforts to follow transactions wherever they may lead.”
TerraZero, their web3 investment, also “showed excellent revenue growth in Q1 while working with clients such as Warner Records’ Bebe Rexha, as well as Estée Lauder, Fidelity International, and PwC.”