29/05/2023 | CSE:BIGG | Press release
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 ( 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 financial results for the first quarter of 2023. All figures are in Canadian dollars (CAD) unless otherwise noted.
Highlights for Q1 2023:
- Gross operating income 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, compared to a net loss of $5,534,090 for the same period last fiscal year (YoY)
- TerraZero generated $612,000 in revenue in Q1 2023, representing 130% YoY growth and 628% QoQ growth
- BIGG currently owns 150 Bitcoin, valued at approximately $5.6 million
- Netcoins currently has client assets under custody of ~$61M
- Netcoin’s 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 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 has been prepared in accordance with International Financial Reporting Standards issued by the International Accounting Standards Board.
BIGG CEO, Mark Binns, commented:
“Q1 2023 showed a nice uptick in the broad crypto market and crypto trading as well. Netcoin’s trading volume and revenue increased nicely quarter over quarter. Our customer base continued to grow in Q1 and Netcoins continued to expand 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 the 16 active states is over 122 million, giving Netcoins a significant opportunity for growth for its No Fee Trading platform.
Netcoins added three new cryptoassets 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). Netcoin’s total coin supply is now 37 coins.
Netcoins Canada has also been approved to offer Investment in Canada with which we expect to launch in June 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 among 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 in able to better serve investigators in their efforts to follow transactions wherever they may lead.BIG was also honored as the 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 cooperation with HSI and other law enforcement agencies that resulted in the first federal arrests related to a non-fungible token (NFT) drawdown scam and prevented more victims from being defrauded.
TerraZero, our web3 investment, also showed excellent revenue growth in Q1 while working with clients such as Warner Records’ Bebe Rexhaas 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 every quarter, while properly 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
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 building technology to drive compliance and intelligence for the crypto future. Banks and crypto companies rely on our technology to monitor risk from crypto transactions. Investigators and law enforcement quickly identify and track illegal activity. Blockchain Intelligence Group is trusted globally by banks, crypto companies, law enforcement, fintechs, regtechs and governments.
Online coins offers safe and secure crypto trading in Canada and the US, with a mission to make cryptocurrency easily accessible to the mass consumer and investor with a focus on compliance and security. Netcoins has a robust product offering with Crypto Trading (US and CA), Netcoins Pay (CA) and Netcoins Staking (CA). Netcoins uses 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 fund Metaverse’s most promising companies, entrepreneurs and developers. TerraZero also owns digital real estate and offers offices and services to those interested in the Metaverse. BIGG owns ~30% of TerraZero.
For more information and to sign up for BIGG’s mailing list, please visit our website at https://www.biggdigitalalassets.com. Or visit SEDAR atwww.sedar.com.
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 statements of beliefs, plans, expectations or intentions regarding the future. Such information can generally be identified by the use of forwarding-oriented words such as “may”, “expect”, “estimate”, “anticipate”, “intend&CurlyDoubleCote; e; and “continue” or the negative thereof or similar variations. Readers are cautioned not to place undue reliance on forward-looking statements, as there is no guarantee that the plans, intentions or expectations on which they are based will occur. By their nature, forward-looking statements involve a number of assumptions, known and unknown risks and uncertainties, both general and specific that contribute to the possibility that 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 the capital markets in particular, and other factors, many of which are beyond BIGG’s control. Forward-looking statements in this press release are expressly qualified by this cautionary statement. Undue reliance should not be placed on forward-looking information because BIGG cannot give any guarantee that it will prove to be correct. Important factors that could cause actual results to differ materially from BIGG’s expectations include consumers’ feelings towards BIGG’s products and Blockchain technology in general, technology failure, competition and failure to fulfill its contractual obligations.
The forward-looking statements in this press release are made as of the date of this press release. Except as required by law, BIGG disclaims any intention and undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. In addition, BIGG undertakes no obligation to comment on the expectations of or statements from third parties in relation to the matters discussed above.
CSE assumes no responsibility for the adequacy or accuracy of the content of this press release.