BIGG Digital Assets Inc. Reports Audited Financial Results For 2022
VANCOUVER, British Columbia, May 01, 2023 (GLOBE NEWSWIRE) — BIGG Digital Assets Inc. (“BIGG” or the “Company”)(CSE: BIGG; OTCQX: BBKCF; WKN: A2PS9W), owner of Netcoins (Netcoins.ca and Netcoins.com) (“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 its fiscal 2022 financial results. All figures are in Canadian Dollars (CAD) unless otherwise stated.
- Gross operating revenue of $7.47M, comprising $5.44M for Netcoins and $2.03M for Blockchain Intelligence Group
- Portoflio company TerraZero achieved an additional $940k in 2022 revenue
- Netcoins customer accounts grew 6% in Q4, Quarter-over-Quarter (QoQ)
- Customer fiat deposits exceeded $44M in the quarter.
- BIG’s 2022 revenue represents a 27% increase over the prior year, with gross margins at 82%
- As of December 31, 2021, BIGG’s cash and crypto holdings were ~$13.8M million
- The Company has no debt
- BIGG currently owns ~200 Bitcoin, valued at approximately $7.6M
- BIGG’s current treasury of fiat and crypto assets is valued at over $15M
- Netcoins currently has customer Assets Under Custody of approximately ~$61M
- Netcoins registered users now exceeds 200,000
- Blockchain Intelligence Group’s compliance suite (QLUE and BitRank) now supports 14 blockchains, including 425,849 ERC-20 tokens and 108,450 NFT collections.
Selected financial and operating information should be read in conjunction with BIGG’s audited consolidated financial statements and related Management’s Discussion and Analysis for the year ended December 31, 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:
“2022 was a challenging year in the global crypto industry, and despite reduced trading activity sector wide, BIGG continued to advance the products and offerings of our portfolio companies. Netcoins launched 25 new coins in 2022, and began expansion into the USA in December with a mobile first app launch. Blockchain Intelligence Group grew revenue by 27% and expanded product offerings including launching the world’s first NFT Explorer along with its portal, NFTmapping.com. BIG also expanded its compliance suite (QLUE and BitRank) to support 14 blockchains, including 425,849 ERC-20 tokens and 108,450 NFT collections.
Portfolio company TerraZero announced plans to go public in 2023, which we anticipate will occur over the course of the next 3 months. TerraZero has cultivated an impressive list of industry-leading clients for Metaverse activations including Estée Lauder, Fidelity International, PwC and Warner Records. TerraZero generated an impressive $940k in revenue in 2022, given its early stage of growth.
As we look forward, BIGG believes the need for compliant and regulation focused trading and forensic tools is greater than ever. We have great companies that continue to advance, and believe we are very well positioned for the next bull market in crypto. BIGG will continue to develop its primary businesses and invest in new emerging businesses and opportunities. 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 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 compliance and safety. Netcoins has a robust product offering with Crypto Trading (US and CA), Netcoins Pay (CA) and Netcoins Staking (CA). Netcoins utilizes 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 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.
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.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 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.