BIGG Digital Assets Inc. Reports Financial Results For Q1 2023
VANCOUVER, British Columbia, May 29, 2023 (GLOBE NEWSWIRE) — BIGG Digital Assets Inc. (“BIGG” or the “Company”)(CSE: BIGG; OTCQX: BBKCF; WKN: A2PS9W), owner of Netcoins (https://www.netcoins.com/ca/ and https://www.netcoins.com/us/) (“Netcoins”), the online cryptocurrency brokerage that makes it easy for North Americans to buy, sell, and understand cryptocurrency, and Blockchain Intelligence Group (blockchaingroup.io) (“BIG”), a leading 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:
- 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.
All financial information 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:
“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 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 (“BIG”) 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. BIG was also honoured as a recipient of the 2022 Homeland Security Investigations (HSI) Private Sector Partnership Award at the 6th annual HSI New York awards ceremony. The award was presented to BIG for significant collaboration with HSI and other law enforcement agencies which resulted in the first federal arrests relating to a non-fungible token (NFT) rug pull scam and the prevention of additional victims from being defrauded.
TerraZero, our 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.
Overall, the crypto industry remains challenged in 2023 but BIGG continues to develop and advance its companies and investments each quarter, while right-sizing our burn which has been reflected in our significantly improved bottom line. We look forward to sharing further updates on our progress in the near future.”
On behalf of the Board
Mark Binns
CEO
ir@biggdigitalassets.com
Investor Relations
Victoria Rutherford
Victoria@adcap.ca
T: 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 companies to support this vision. BIGG has three portfolio companies: Netcoins (netcoins.ca), Blockchain Intelligence Group (blockchaingroup.io), and TerraZero (terrazero.com).
Blockchain Intelligence Group builds technology to power compliance and intelligence for the crypto future. Banks and crypto companies depend on our technology to monitor risk from crypto transactions. Investigators and law enforcement quickly identify and track illicit activity. Blockchain Intelligence Group is trusted globally by banks, crypto companies, law enforcement, fintechs, regtechs and governments.
Netcoins offers safe and secure crypto trading in Canada and the USA, with a mission to make cryptocurrency easily accessible to the mass consumer and investor with a focus on compliance and safety. Netcoins has a robust product offering with Crypto Trading (US and CA), Netcoins Pay (CA) and Netcoins Staking (CA). Netcoins utilizes BitRank Verified® software at the heart of its platform and facilitates crypto trading via its cutting-edge Mobile and Web applications.
TerraZero is a vertically integrated Metaverse development group and a leading Web 3.0 technology company specializing in the Metaverse space. The Company’s Metaverse agnostic vision is to develop, acquire, and finance the Metaverse’s most promising companies, entrepreneurs, and developers. TerraZero also owns digital real estate and provides offices and services to those interested in the Metaverse. BIGG owns ~30% of TerraZero.
For more information and to register 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 the search technology software and other matters. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such information can generally be identified by the use of forwarding-looking wording 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 assumptions, known and unknown risks and uncertainties, both general and specific that contribute to the possibility that the predictions, estimates, forecasts, projections and other forward-looking statements will not occur. These assumptions, risks and uncertainties include, among other things, the state of the economy in general and capital markets in particular, and other factors, many of which are beyond the control of BIGG. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement. Undue reliance should not be placed on the forward-looking information because BIGG can give no assurance that they will prove to be correct. Important factors that could cause actual results to differ materially from BIGG’s expectations include consumer sentiment towards BIGG’s products and Blockchain technology generally, technology failures, competition, and failure 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 assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Additionally, BIGG undertakes no obligation to comment on the expectations of or statements made by, third parties in respect of the matters discussed above.
The CSE does not accept responsibility for the adequacy or accuracy of the content of this Press Release.
