VANCOUVER, British Columbia, Nov. 28, 2022 (GLOBE NEWSWIRE) -- BIGG Digital Assets Inc. ("BIGG" or the "Company")(CSE: BIGG; OTCQX: BBKCF; WKN: A2PS9W), owner of Netcoins (Netcoins.ca) ("Netcoins"), the online cryptocurrency brokerage that makes it easy for Canadians 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 Q3 2022 financial results. All figures are in Canadian Dollars (CAD) unless otherwise stated.
Q3 2022 Highlights:
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 and nine months ended September 30, 2022, available at www.sedar.com.
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 CEO, Mark Binns, commented:
"The crypto market has been under tremendous pressure the past two quarters, which has highlighted more than ever the need for regulation ? both regulated exchanges and tools that support a regulated industry. This defines BIGG. QLUE and Netcoins have long been these companies. While Netcoins Q3 2022 showed revenue contraction highlighting the tough crypto market of the summer, Blockchain Intelligence Group revenue remained steady and BIGG's bottom line significantly improved from the previous period. We were able to adjust quickly to market realities, cutting costs and being extra prudent with expenditures. Netcoins customer base grew by 5% in the quarter, and as volume and volatility return to the market, we believe our regulated exchange is extremely well positioned to take advantage, already showing a 20% daily revenue increase in November, post FTX collapse. We also continue to prepare for the Netcoins launch in the USA opening up a new market, which we believe is in critical need of safe and regulated trading platforms.
In Q3, TerraZero announced plans to go public via Reverse Take Over (RTO), expected to complete in early 2023. TerraZero's revenue continues to rise significantly, and Mr. Reitzik and his team continue to execute and sign global brands as customers. We remain excited about the future of our TerraZero investment.
Finally, despite the ongoing crypto ?contagion' seen in Q3 headlined by FTX, BIGG remains healthy with no debt and no loans of customer (or company) assets. 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 builds technology to power compliance and intelligence for the crypto future. Banks and crypto companies depend on our 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 develops brokerage and exchange software to make the purchase and sale of cryptocurrency easily accessible to the mass consumer and investor with a focus on compliance and safety. Netcoins utilizes BitRank Verified® software at the heart of its platform and facilitates crypto trading via a self-serve crypto brokerage portal at Netcoins.app.
TerraZero is a vertically integrated Metaverse development group and 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 ~30% of TerraZero.
Certain statements in this release are forward-looking statements, which include completion of the search technology software and other matters. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such information can generally be identified by the use of forwarding-looking wording such as "may", "expect", "estimate", "anticipate", "intend", "believe" and "continue" or the negative thereof or similar variations. Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties, both general and specific that contribute to the possibility that the 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 capital markets in particular, and other factors, many of which are beyond the control of BIGG. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement. Undue reliance should not be placed on the forward-looking information because BIGG can give no assurance that they will prove to be correct. Important factors that could cause actual results to differ materially from BIGG's expectations include, consumer sentiment towards BIGG's products and Blockchain technology generally, technology failures, competition, and failure of counterparties to perform their contractual obligations.
The forward-looking statements contained in this press release are made as of the date of this press release. Except as required by law, BIGG disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Additionally, BIGG undertakes no obligation to comment on the expectations of, or statements made by, third parties in respect of the matters discussed above.
The CSE does not accept responsibility for the adequacy or accuracy of the content of this Press Release.
These press releases may also interest you