BIGG Digital Assets Inc.Releases Q1 Result, Revenue Hits up to $2.5m
Annie Li May 31, 2022 10:30
Canada-based cryptocurrency company BIGG Digital Assets Inc. announced its financial results for the first quarter of 2022, with total quarterly revenue of $2.5 million.
Canada-based cryptocurrency company BIGG Digital Assets Inc. announced its financial results for the first quarter of 2022, with total quarterly revenue of $2.5 million.
In the quarter income, its subsidiary Blockchain Intelligence Group contributed $530,000, whereas digital trading app Netcoins of $1.97 million.
The Vancouver-based cryptocurrency compliance and real-time intelligence subsidiary of BIGG Digital Assets Inc, named Blockchain Intelligence Group ("BIG"), reported a 76% sequential increase in revenue in the first quarter.
The company said that as of April 30, it had about 575 bitcoins worth about $22 million in total. Blockchain Intelligence Group currently supports 11 blockchains and over 372,000 ERC-20 tokens and plans to expand the blockchain further.
BIGG Digital Assets Inc invests in products and companies within the cryptocurrency industry.
The company operates two business segments: Blockchain Technology Development and Digital Currency Sales via the Netcoins App.
Netcoins outperformed the broader market with revenue of $1.97 million in the first quarter, down 29% sequentially compared to the industry average of 37.7%.
BIGG CEO Mark Binns explained the whereabouts:
“Netcoins, despite a pullback in trading volumes and revenue, exceeded industry norms for the quarter, and we believe we gained market share in Canada. Coinbase, for comparative purposes, saw a 58% decline in retail trading volume in Q1 vs Q4. Our customer base grew by 24% in Q1, and as volume and volatility returns to the market, we are very well positioned to take advantage.”
BIGG has also invested in TerraZero and acquired about 30% of the ownership. In the future, BIGG will continue to develop its main business and invest in emerging businesses.
Blockchain Intelligence Group "BIG" added the Dash and Dogecoin cryptocurrencies to its ecosystem of data tools that can be tracked and risk assessed by exchanges, banks, and law enforcement.
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