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CoinSmart Announces Q1 2022 Financial Results

N.SMRT

TORONTO, May 16, 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 condensed interim consolidated financial statements for the three months ended March 31, 2022 and related management discussion and analysis. 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 Q1 2022 Highlights1:

  • Q1 2022 Gross Revenue reached $4.2MM growing 15% YoY
  • Over the Counter Trading volume reached $113MM Growing 89 % YoY
  • Registered Users reached over 216,000 growing 191% YoY
  • Assets Under Management (AUM) reached $74.8MM Growing 99.5% YoY
  • Company Treasury reached approximately $19MM
  • No Debt

Other CoinSmart Q1 2022 Corporate Highlights

  • Acquired over 33,700 new registered users
  • Outperformed overall crypto market by ~9% from Q4 2021 to Q1 2022 (Top 10 crypto exchange trading volume declined by ~37.7%2, CoinSmart retail trading volume declined by ~29%)
  • Expanded Retail and Over the Counter Trading to additional European Countries.
  • Launched an API for SmartPay as well as an SDK to make implementation easy for developers. SmartPay is a robust crypto payments processing and invoicing platform.
  • Launched new iOS and Android Mobile Apps.

CoinSmart CEO Justin Hartzman commented :

"Q1 2022 saw continued year over year growth during a quarter that experienced high volatility. I am extremely proud that our team was able to execute and continue growing our user base, ship new products and help the crypto curious enter the market. The decision to not only focus on the retail platform growth but to diversify over a number of business lines has helped our continued YoY growth against the headwinds of a poor macroeconomic environment. Q1 was highlighted by growth in Over the Counter Trading as we acquired new HNWI and institutional clients. We're looking forward to further expansion in crypto payment products and geographies as we move into Q2 2022."

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, CoinSmart 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 All figures are preliminary, unaudited and subject to final adjustment.


2 Coingecko Q1 2022 Cryptocurrency Report


SOURCE CoinSmart

Cision View original content to download multimedia: http://www.newswire.ca/en/releases/archive/May2022/16/c8355.html

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