Join today and have your say! It’s FREE!

Become a member today, It's free!

We will not release or resell your information to third parties without your permission.
Please Try Again
{{ error }}
By providing my email, I consent to receiving investment related electronic messages from Stockhouse.

or

Sign In

Please Try Again
{{ error }}
Password Hint : {{passwordHint}}
Forgot Password?

or

Please Try Again {{ error }}

Send my password

SUCCESS
An email was sent with password retrieval instructions. Please go to the link in the email message to retrieve your password.

Become a member today, It's free!

We will not release or resell your information to third parties without your permission.

CoinSmart Announces 2021 Financial Results

N.SMRT

TORONTO, April 1, 2022 /CNW/ - CoinSmart Financial Inc. ("CoinSmart" or "CFI") (NEO: SMRT) (FSE: IIR), a leading Canadian headquartered crypto asset trading platform, announces the release of its audited consolidated financial statements for the year ended December 31, 2021 and related management discussion and analysis ("MD&A") and Annual Information Form. These documents will be posted on CoinSmart's website at www.coinsmart.com/invest and SEDAR at www.sedar.com.

CoinSmart Financial Inc. (CNW Group/CoinSmart)

CoinSmart's 2021 Highlights:
  • 2021 Gross Revenue reached 16.7MM growing 357% YoY
  • Company Treasury reached approximately 22MM growing 406% YoY
  • Registered Users reached over 183,000 growing 612 % YoY
  • Retail Trading Volume grew by 875% YoY
  • Assets Under Management (AUM) reached a record $74MM
  • Adjusted EBITDA1 of approximately 2.1MM growing 216% YoY
  • No Debt
Other CoinSmart 2021 Corporate Highlights
  • 1 of only 2 crypto asset platforms to be granted status as a marketplace by the Ontario Securities Commission and all other securities regulators across Canada.
  • The only crypto asset trading platform to not only be publicly listed in Canada and Europe but to also have its marketplace registrations
  • 1 of 5 crypto asset platforms approved as a restricted dealer by Ontario Securities Commission and all other securities regulators across Canada.
  • Expanded its Retail and Over the Counter Trading to additional European Countries.
  • Launched new iOS and Android Mobile Apps.
  • In February, issued $4.5 million of convertible debentures (which were converted into common shares on October 27, 2021
  • Completed listing on NEO exchange including a concurrent subscription receipt financing for aggregate gross proceeds of $12,642,900.

CoinSmart CEO Justin Hartzman commented:

"2021 was a very exciting year for CoinSmart. Even though we were navigating a new 'normal' and COVID continued to play a big part in our everyday lives, we saw an increased demand for crypto and its adoption worldwide. Rather than taking a backseat and waiting for things to fall in place naturally, we embraced innovation head first. We quadrupled the business and strengthened our balance sheet. We received our restricted dealer and marketplace registrations and entered the public markets all while remaining profitable. It is a testament to the incredible team that I have built at CoinSmart, and I look forward to sharing our progress with you in the coming months. I am extremely proud of what we have accomplished in 2021 and you will see much more coming from us in 2022. Let the trend be your friend!"

About CoinSmart Financial Inc.

CoinSmart is a leading Canadian-headquartered crypto asset trading platform dedicated to providing customers with an intuitive way for buying and selling digital assets, like Bitcoin and Ethereum. CoinSmart is one of the few crypto asset trading platforms in Canada to be 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.

CoinSmart further builds on its mission to make cryptocurrency accessible by providing educational resources tailored to every level of cryptocurrency knowledge and unparalleled 24/7 omni-channel customer support. Offering instant verification, industry leading cold wallet storage, advanced charting with order book functionality and over-the-counter premium services, Coi3nSmart ensures every client's needs are met with the highest level of quality and care. For more information please visit https://www.coinsmart.com/.

Connect with CoinSmart: Website | LinkedIn | Twitter | Instagram | Facebook


________________________________


1 Adjusted EBITDA includes Net Income(loss) before taxes, Interest, Depreciation, RTO Listing Fees (one time- expense) and
Change in Fair Value of Convertible Debt(one- time expense)

SOURCE CoinSmart

Cision View original content to download multimedia: http://www.newswire.ca/en/releases/archive/April2022/01/c4974.html

Tags:


Get the latest news and updates from Stockhouse on social media

Follow STOCKHOUSE Today