BIGG Digital Assets Inc. Subsidiary Netcoins Announces Quarterly Revenue Grew 337% (4.4x) Quarter over Quarter in Q1 2021
VANCOUVER, British Columbia, April 19, 2021 (GLOBE NEWSWIRE) -- BIGG Digital Assets Inc. ("BIGG" or the "Company")(CSE: BIGG; OTCQX: BBKCF; WKN: A2PS9W), owner of Netcoins (Netcoins.ca) (“Netcoins”), the online cryptocurrency brokerage that makes it easy for Canadians to buy, sell, and understand cryptocurrency, and owner of Blockchain Intelligence Group (“BIG”), a leading developer of Blockchain technology search, risk-scoring and data analytics solutions, is pleased to provide a corporate update on Netcoins’ Q1 progress.
Netcoins (Netcoins.ca) is pleased to announce that Q1 2021 revenues grew by 337% (or 4.4x) Quarter over Quarter (QoQ) to ~$3.4 million1 and trading volumes set a significant quarterly
record exceeding $264 million.
Further, Netcoins would like to update shareholders with the following key metrics from Q1 2021:
- Quarterly revenues grew 337% (4.4x) and 1976% YoY
- Trading Volumes grew 266% (3.7x) QoQ and 1950% YoY
- New subscribers grew by 236% (3.4x) QoQ and 853% YoY
- Assets Under Custody (AUC) has grown 227% (3.3x) QoQ
- Daily verified users (full KYC) grew by 229% (3.3x) QoQ
- Trading margins continue to track above 1%
In addition, Netcoins revenue in the first half of April (April 1-15) has continued to accelerate, growing by 42% over March 1-15, and transaction volume grew by 44% over the same period.
1All figures are preliminary and unaudited and subject to final adjustment. Numbers above do not include revenue from subsidiary Blockchain Intelligence Group, and hence do not represent complete revenues for BIGG Digital Assets Inc.
Further, Netcoins continued to expand its marketing programs across Canada with national TV ads, including National Hockey League and prime time news programming, national radio ads and a wide range of social media ads and social influencer promotion. Netcoins also added multiple customer support representatives to continue delivering industry leading support to our valued customers, and a seasoned product manager to guide the ongoing product and feature development of Netcoins.ca and Netcoins.app.
Netcoins also continues to answer questions, and actively engage with the BCSC, and CSA, on its pending Restricted Dealer License. We are actively working towards approval and will provide more updates as they become available.
We would also like to continue to highlight that Netcoins’ revenue model is solely dependent on trading, where a percentage of every trade is booked as revenue, regardless of the price of the underlying crypto asset being traded. Highly volatile days for Bitcoin, and crypto assets, drive higher trading volumes and higher revenues even if the assets are trending downward.