Netcoins announces unaudited Q1 2024 Results

VANCOUVER, British Columbia, April 02, 2024 (GLOBE NEWSWIRE) -- BIGG Digital Assets Inc. (“BIGG” or the “Company”) (CSE: BIGG; OTCQX: BBKCF; WKN: A2PS9W), a leading innovator in the digital assets space and owner of Netcoins, and Blockchain Intelligence Group and TerraZero is pleased to report Netcoins unaudited Q1 2024 results. All figures are in Canadian Dollars (CAD) unless otherwise stated.

• Q1 2024 recorded quarterly revenue of $3.1 million, an increase of nearly 180% compared with calendar Q1 2023

• Netcoins crypto trading platform processed approximately $265 million in crypto trading volumes in Q1 2024, compared to $60.8 million in Q1 2023

• Netcoins total cash, digital assets, and investments of approximately $21 million as at March 31, 2024

• Netcoins Assets Under Custody is now over $127 million as at March 31, 2024

• BIGG Digital Assets total cash, digital assets and investments of approximately $30 million as at March 31, 2024
  

Q1 2024 Crypto Trading Highlights:

• Registered users increased by ~14% in Q1 2024 vs Q1 2023
• Transacting users increased by ~50% in Q1 2024 vs Q1 2023
• Total trading revenue increased by ~180% in Q1 2024 vs Q1 2023 and ~65% vs Q4 2023
• Total trading volume increased by ~300% in Q1 2024 vs Q1 2023, and ~130% vs Q4 2023
• Netcoins Pay Card Transaction Volume increased by ~35% in Q1 2024 vs Q1 2023 with users spending over $2.6 million on the card during Q1 2024
  

“Netcoins Q1 2024 trading volume surpassed 90% of the entire volume generated in the 2023 fiscal year, which points to the inflows to the crypto market that have occurred during the first quarter of the year and the tremendous support that our clients have shown in Netcoins,” remarked Netcoins CEO Fraser Matthews.

Netcoins OTC Trading Desk has traded approximately $120 million worth of crypto since its relaunch in Q4 of 2023 and is led by Andrew Bulman. “Our OTC desk saw considerable growth throughout Q1 2024. We operate in a fast-moving and competitive space and we are focused on developing and growing our products and services to better suit our clients’ needs. We're also ramping up our account management and sales efforts, enabling us to continue providing a comprehensive and unparalleled trading experience for corporates, institutions, and qualified private investors. Netcoins is looking to partner with these client types that require a flexible OTC trading venue within Canada and the United States.”

Q1 2024 Netcoins USA Highlights:

• Netcoins USA signed an agreement with Zero Hash to expand across 48 states, with over 60 crypto assets available for trading in 2024. Netcoins will continue to operate as usual before cutting over to the Zero Hash licensing and infrastructure in the USA.
• Netcoins USA will provide services to high-net-worth individuals and corporate clients through a bespoke client management support model. To expedite the growth of this segment, Netcoins USA expects to expand its Sales Team in Q2 2024, with a focus on hiring in the US market.

“We are excited about the opportunity to further tap into the US market and to service the high net worth, corporate and small business client segments. Partnering with Zero Hash, an experienced crypto infrastructure provider, enables us to rapidly launch across 48 states while minimizing our regulatory and operational overhead. This arrangement allows our teams to fully focus on new client acquisition while providing industry-leading experiences for our existing client base,” said Netcoins Chief Operating Officer, Kim Dwyer.

Q1 2024 Netcoins Canada Crypto Staking Highlights:

• Netcoins Staking Assets Under Management over $3.6 million ETH.
• Netcoins Staking program added SOL and ATOM which launched on March 26, 2024.
• To celebrate the addition of these assets, Netcoins Canada will offer No Fee* Staking for both SOL and ATOM in 2024. This staking promotion allows users to increase rewards earned on SOL and ETH by choosing Netcoins as their Staking service provider.
  

*Offer terms and conditions apply

"We are evolving as a diversified digital asset company, seeking to capitalize upon inherent, existing synergies in our operating businesses and expanding our presence in the crypto ecosystem," said BIGG Digital Assets Interim CEO Dan Reitzik. “BIGG’s recent successful financing is a testament to the strength, resilience and growth prospects of its businesses. The financing enhances BIGG’s financial flexibility, key for executing our strategic growth plans and generating long-term shareholder value. We are well capitalized, with current combined cash and crypto holdings of approximately $30 million. Until recently share prices of crypto-related stocks were directly correlated with the rise and fall of crypto prices, regardless of the business itself. Moving forward, we believe that publicly traded crypto companies will likely be valued not just by the overall crypto markets and crypto prices but also similarly to traditional high-growth technology companies; based on revenues, growth, product offerings, etc. We are pleased with Netcoins’ Q1 2024 results and are focused on all of BIGG’s divisions to follow suit with expected user growth and launching of new products and services aimed at larger audiences.”

BIGG’s unaudited consolidated interim financial statements and related management’s discussion and analysis for the three months ended March 31, 2024, will be prepared and filed on SEDAR+ within the regulatory filing timelines.

On behalf of the Board

Dan Reitzik
Interim CEO
ir@biggdigitalassets.com
778.819.3890

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.com), Blockchain Intelligence Group (blockchaingroup.io), and TerraZero (terrazero.com).

Blockchain Intelligence Group is an industry-leading digital asset forensics, anti-money laundering detection, and cryptocurrency investigations company. At the heart of our operations is a deep-rooted expertise in visualizing digital assets and market-related activities. This expertise is leveraged to monitor transactional data with a constant eye to assist our customers with risk management, due diligence, and forensic services for digital assets. For more information please visit our website www.BlockchainGroup.io.

Netcoins offers secure crypto trading in Canada and the USA, with a mission to make crypto trading easy. Netcoins has a robust product offering with over 40 assets for Crypto Trading, Netcoins Pay Mastercard and Staking (Canada Only). Netcoins facilitates crypto trading via its cutting-edge Mobile and Web applications and through its OTC Trading Desk. For more information please visit our website www.netcoins.com.

TerraZero Technologies Inc. is a vertically integrated Metaverse development group and leading Web3 technology company specializing in helping brands create immersive experiences. TerraZero's Metaverse-agnostic vision is to develop and implement products and services with scalable commercial applications to flourish engagement across gamified experiences where enterprise-level businesses, metaverse platforms, and Web3 creators can seamlessly bridge and actionably grow their virtual world and the physical world endeavours together as one. TerraZero owns digital real estate for brands to establish a presence in existing virtual worlds and can also offer brands their own private worlds to provide offices and services to those interested in the metaverse. Furthermore, TerraZero acquires, designs, builds, and operates virtual assets and solutions to monetize the metaverse ecosystem. TerraZero’s businesses are segmented into five (5) divisions which include: (1) immersive experience creation in existing or private virtual worlds; (2) advertising; (3) data analytics; (4) events and marketing; and (5) development of the Intraverse. TerraZero aims to support the community, foster innovation, and drive adoption. For more information, please visit https://terrazero.com/ or contact hello@terrazero.com.

For more information and to register for BIGG’s mailing list, please visit our website at https://www.biggdigitalassets.com. Or visit SEDAR+ at www.sedarplus.ca.

Future operating results could also be materially affected by the price of cryptocurrency and the demand (or lack thereof) for cryptocurrency. In addition, BIGG’s past financial performance may not be a reliable indicator of future performance.

Forward-Looking Statements

Certain statements in this release are forward-looking statements or information, which include the expected opportunities, outcomes, potential and benefits of the Company’s products and services, the expected adoption and growth of cryptocurrency and the Company’s products and services, adding additional cryptocurrency to the Staking program, the expected benefits and outcomes of Staking, the expected benefits and outcomes of the partnership with Zero Hash, filing of the unaudited interim financial statements, the development and completion of products and services, the launch of products and services, events, plans, courses of action, and the potential of the Company’s technology and operations 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 forward-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, the ability to manage operating expenses, which may adversely affect the Company’s financial condition, the ability to remain competitive as other better financed competitors develop and release competitive products, volatility in the trading price of the common shares of the Company, the demand and pricing of cryptocurrency, the Company’s ability to successfully define, design and release new products in a timely manner that meet customers' needs; the ability to attract, retain and motivate qualified personnel; competition in the industry; 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. The securities of BIGG are considered highly speculative due to the nature of BIGG’s business. For further information concerning these and other risks and uncertainties, refer to the Company’s website and filings on www.sedarplus.ca. In addition, BIGG’s past performance may not be a reliable indicator of future performance.

Important factors that could cause actual results to differ materially from BIGG’s expectations include consumer sentiment towards BIGG’s products and Cryptocurrency, Blockchain and Metaverse technology generally, technology failures, the lack of demand for the company’s products and services, fluctuations in the price of cryptocurrency, the ability to successfully define, design, and release new products in a timely manner that meet customers’ needs; the ability to attract, retain, and motivate qualified personnel; competition in the industry; the ability to obtain and/or maintain licences, permits and approvals that are necessary to operate the business; the impact of technology changes on the products and industry; failure to develop new and innovative products; the ability to successfully maintain and enforce our intellectual property rights and defend third-party claims of infringement of their intellectual property rights; the impact of intellectual property litigation that could materially and adversely affect the business; the ability to manage working capital; increase in costs and expenses; the dependence on key personnel; competition; the demand and pricing of cryptocurrencies and NFTs (including digital assets); litigation; security threats, including a loss/theft of NFTs, cryptocurrencies, and other assets; 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.