Bigg Digital Assets loses $750,925 in Q1 Ouff! BIGG go 0.20¢ Mr. Mark Binns reports
BIGG DIGITAL ASSETS INC. REPORTS FINANCIAL RESULTS FOR Q1 2023
Bigg Digital Assets Inc. has released Q1 2023 financial results.
Q1 2023 highlights:
- Gross operating revenue of $1.5-million (up 28 per cent quarter over quarter), with $1.1-million for Netcoins (up 55 per cent quarter over quarter) and $400,000 for Blockchain Intelligence Group (down 14 per cent quarter over quarter);
- Net loss of $750,925, as compared with a net loss of $5,534,090 for same period of the prior fiscal year (year over year);
- TerraZero generated $612,000 in revenue in Q1 2023, representing 130-per-cent growth year over year and 628-per-cent growth quarter over quarter.
Further highlights:
- Bigg currently owns 150 bitcoin, valued at approximately $5.6-million;
- Netcoins currently has customer assets under custody of approximately $61-million;
- Netcoins registered users now exceed 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 (non-fungible tokens) 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 discussion and analysis for the three months ended March 31, 2023, available on SEDAR.
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 chief executive officer 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 U.S. 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 sixth 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 Estee Lauder, Fidelity International and PwC.
"Over all, the crypto industry remains challenged in 2023 but Bigg continues to develop and advance its companies and investments each quarter while rightsizing 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."
About Bigg Digital Assets Inc.
Bigg Digital Assets 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 the 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 United States, 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 (United States and Canada), Netcoins Pay (Canada) and Netcoins Staking (Canada). Netcoins utilizes BitRank Verified software at the heart of its platform and facilitates crypto trading through 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 approximately 30 per cent of TerraZero.