BIGG Digital Assets Subsidiary Netcoins announces Q4 results and the launch of Netcoins Crypto Trading API

Rhea-AI Summary

BIGG Digital Assets Inc. (BIGG) announces unaudited financial results for Netcoins' Q4 2023 and the launch of its Crypto Trading API. Netcoins Q4 revenue totaled approximately $1.83m CAD, up nearly 60% from Q3. The platform saw trading volume of over $109m and a 57% rise in Staked Ethereum from Q3 to Q4. Netcoins ended Q4 with over $105m in Assets Under Custody, growing QoQ by 72%. The company is focused on Enterprise and OTC Trading Clients and believes that the recent SEC approval of the first-ever Bitcoin spot-ETF in the US will have a positive impact on its trading perspective.

VANCOUVER, British Columbia, Jan. 11, 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 TerraZero, Netcoins, and Blockchain Intelligence Group is pleased to announce select unaudited financial results for Netcoins’ Q4 2023 and the launch of its Crypto Trading API.

Assets under Management and Revenues continue to grow

Netcoins Q4 revenue totaled approximately $1.83m CAD which was up nearly 60% from Q3 revenues of $1.08m. During Q4, Netcoins saw significant trading volume processing over $109m worth of transactions, accounting for nearly 38% of Netcoins 2023 volume, which was $286m. Netcoins also saw a 57% rise in Staked Ethereum on the platform from Q3 to Q4.

Netcoins launched its OTC Trading Desk in October 2023 which helped to propel Netcoins trading. Over $21m was traded through Netcoins Enterprise and OTC Trading desk during Q4, led by Head of OTC Sales and Trading, Andrew Bulman.

“Enterprise and OTC Trading Clients will continue to be a focus for Netcoins in 2024, we see it as a significant growth area for the company. Whether it is bespoke solutions, deep liquidity or best in class rates and services, we are committed to providing Canadian and US clients with a great trading experience”, said Netcoins President Fraser Matthews. “There is significant interest on both sides of the border in adding Bitcoin and other Crypto assets to Balance sheets at an Enterprise level, and with yesterday’s SEC approval of the first-ever Bitcoin spot-ETF in the US, it is clear that confidence in the sector is growing. We believe that this will have a positive impact for Netcoins from a trading perspective. With inflows of capital to the crypto industry it is a clear signal that not only will Bitcoin continue to gain investor confidence, but other Crypto Assets available on Netcoins, will garner newfound attention that can bolster portfolio value. While ETFs are important channels for investors to gain exposure to Bitcoin, we are now less than 100 days from the next Bitcoin halving, which could trigger investors who want to hold the physical asset (Bitcoin directly) to purchase it for their own personal wallet(s). Overall, we believe that it will be a big year for Bitcoin and the Crypto industry as a whole.”

Netcoins ended Q4 with over $105m in Assets Under Custody, based on a combination of Crypto ($85.5m) and Customer Fiat ($21m). Crypto Under Custody grew QoQ by 72%.

Netcoins Crypto Trading API is live

After operating its Crypto Trading API on an invitation only basis over the last 18 months, Netcoins is launching its Crypto Trading API to both Canadian and US Enterprises that are looking to build customizable Crypto solutions, while leveraging Netcoins trading capabilities, market data and deep liquidity. The Netcoins crypto API empowers individual and institutional traders to automate their trading activities with both CAD and USD pairs available. Partners can take advantage of low-latency, reliable API endpoints for crypto trading and data using live prices.

For more information, please visit https://www.netcoins.com/ca/crypto-api-trading/ or contact us directly api@netcoins.com.

Preliminary Unaudited Financial Information

The financial and operating results included in this news release are based on preliminary unaudited estimated results which have not yet been finalized or, in the case of annual results, audited. These estimated results are subject to change upon completion of the financial statements for the year ended December 31, 2023, and the audit of such financial statements and such changes could be material due to, among other things, the completion of BIGG's financial closing procedures, final adjustments, review by BIGG's auditors and other developments that may arise between now and the time the financial results are finalized. Accordingly, such estimated results are forward-looking statements (as defined below) within the meaning of applicable securities legislation and are subject to the limitations and risks described under "Forward-Looking Statements" below.

BIGG anticipates filing its audited annual financial statements for the year ended December 31, 2023, and related management's discussion and analysis on SEDAR in late April 2024.

Unless otherwise noted, all amounts are in Canadian dollars.

On behalf of the Board

Dan Reitzik
Interim CEO
ir@biggdigitalassets.com

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).

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 endeavors together as one. TerraZero owns digital real estate for brands to establish 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.

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 assisting our customers with risk management, due diligence, and forensic services for digital assets.

Netcoins offers safe and secure crypto trading in Canada and the USA, with a mission to make cryptocurrency easily accessible to the mass consumer and investor with a focus on fast, simple and transparent trading. Netcoins has a robust product offering with Crypto Trading, Netcoins Pay Mastercard and Netcoins Staking. Netcoins utilizes Blockchain Intelligence Group software at the heart of its platform and facilitates crypto trading via its cutting-edge Mobile and Web applications. For more information please visit our website www.netcoins.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 performance may not be a reliable indicator of future performance.

Forward-Looking Statements:
Certain statements in this release are forward-looking statements, which include the expected opportunities, outcomes, potential and benefits of the Company’s products and services, the expected growth and demand of Netcoins’ services and the increase in users, the expected growth and focus on Enterprise and OTC clients, the completion and filing of the audited financial statements for the year ended December 31, 2023, the expected outcomes, benefits and plans for Netcoins and the related products and services, the launch of additional offerings, onboarding of additional customers and partners, the expected adoption and growth of cryptocurrency and the Company’s products and services, the development and completion of products and services, the launch of products and services and the expected timelines and the sourcing of partners, 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 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, 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; the ability to obtain and/or maintain licenses and permits necessary to operate the business; 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 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; 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.

FAQ

What are the unaudited financial results announced by BIGG Digital Assets Inc. for Netcoins' Q4 2023?

Netcoins Q4 revenue totaled approximately $1.83m CAD, up nearly 60% from Q3.

What was the total trading volume processed by Netcoins during Q4 2023?

Netcoins saw significant trading volume processing over $109m worth of transactions during Q4.

What was the rise in Staked Ethereum on the Netcoins platform from Q3 to Q4?

There was a 57% rise in Staked Ethereum on the Netcoins platform from Q3 to Q4.

What was the growth in Assets Under Custody for Netcoins from Q3 to Q4?

Netcoins ended Q4 with over $105m in Assets Under Custody, growing QoQ by 72%.

What is the focus of Netcoins for 2024?

Netcoins is focused on Enterprise and OTC Trading Clients and believes that the recent SEC approval of the first-ever Bitcoin spot-ETF in the US will have a positive impact on its trading perspective.

What is the significance of Netcoins' Crypto Trading API launch?

Netcoins is launching its Crypto Trading API to both Canadian and US Enterprises, empowering individual and institutional traders to automate their trading activities with both CAD and USD pairs available.