- CryptoBlox Technologies Inc. (BLOX) has made progress on its growth strategies from its strong 2021 fiscal year
- The company was able to grow its cash position, assets and blockchain verticals
- Its most notable development is the one made in the Application Technology Division
- The app is to be launched later this year
- Another expansion was in the crypto mining division where it secured a low-cost site
- CryptoBlox Technologies Inc. (BLOX) is unchanged trading at $0.04 per share as of 12:28 p.m. ET
CryptoBlox Technologies (BLOX) has made progress on its growth strategies from its strong 2021 fiscal year.
The company stated that despite continued COVID lockdowns and global supply shortages, it was able to grow its cash position, assets and blockchain verticals.
“Our focus has always been to develop a well-balanced portfolio of blockchain assets by taking advantage of global trends such as the transition to smart and micro power grids, electric vehicle and energy storage system products and the growing focus on blockchain based cryptocurrency,” CryptoBlox CEO, Bryson Goodwin, said.
CryptoBlox grew its cash by 229 per cent, assets by 706 per cent, and decreased its liabilities by 51 per cent, all of which are compared by year-over-year.
The company stated its most notable development is the one made in the Application Technology Division, which it is testing across its battery products such as the SmartWall. It expects to have this application ready for customers sometime this year.
“We started the year by rapidly growing our battery technology division, then built up our application technology, which now incorporates cryptocurrency in its platform, and finished the year with a key acquisition in the cryptocurrency mining vertical,” Goodwin said.
Another one of its significant expansions has been in the crypto mining division. The company made substantial investments to secure a site with cold temperatures, a low-cost power purchase agreement, and high-performance crypto mining equipment.
CryptoBlox is planning to build on this division during this year and believes it will start to generate positive cash flow from this division by mid-year.
CryptoBlox Technologies Inc. (BLOX) is unchanged trading at $0.04 per share as of 12:28 p.m. ET.
