- Crypto stock BIGG Digital Assets is announcing robust financial results from its Netcoins exchange in Q4 2023
- Netcoins’ Q4 revenue reached C$1.83 million, a nearly 60 per cent increase from Q3 revenue of C$1.08 million, with crypto under custody spiking by 72 per cent quarter-over-quarter
- BIGG Digital Assets is a crypto-focused company with portfolio companies spanning exchanges, compliance tech and metaverse services
- The crypto stock has added 14 per cent year-over-year and 265 per cent since 2019
Crypto stock BIGG Digital Assets (CSE:BIGG) is announcing robust financial results from its Netcoins exchange in Q4 2023.
Netcoins’ Q4 revenue reached C$1.83 million, a nearly 60 per cent increase from Q3 revenue of C$1.08 million. The exchange processed more than C$109 million in transactions during the quarter – representing almost 38 per cent of 2023’s volume of C$286 million – driven by the launch of an over-the-counter (OTC) trading desk in October 2023, which accounted for C$21 million of the total quarterly trading figure.
Q4 also saw a 57 per cent quarter-over-quarter rise in staked Ethereum, where holders of the cryptocurrency lock up a portion of it to prove their stake, gain the privilege of validating transactions on the network, and earn more Ether as a reward.
Netcoins ended Q4 with more than C$105 million in custodied assets, including C$85.5 million in cryptocurrency (up by 72 per cent from Q3) and C$21 million in customers’ fiat currency.
Subsequent to Q4, Netcoins launched its crypto trading API to help Canadian and U.S. companies build customizable crypto solutions bolstered by deep liquidity, automation, low latency and real-time data.
“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,” Fraser Matthews, Netcoins’ president, said in a statement. “Whether it is bespoke solutions, deep liquidity or best-in-class rates and services, we are committed to providing Canadian and U.S. clients with a great trading experience.”
“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 U.S., it is clear that confidence in the sector is growing,” he added. “We believe that this will have a positive impact for Netcoins from a trading perspective.”
The SEC’s approval comes less than 100 days from the next Bitcoin halving, which reduces the payment miners receive for processing transactions on the network. This payment is how new Bitcoins are released into circulation, meaning the halving reduces overall supply and contributes to inflationary pressures, with a history of new highs tested between halving cycles, and value-accretive effects across the crypto landscape as a whole.
Crypto enthusiasts can consult our previous coverage for top picks and guidance about how to invest in cryptocurrency.
BIGG Digital Assets invests in the future of cryptocurrency as a safe, compliant and regulated industry. Its portfolio companies include TerraZero, a metaverse and Web 3.0 company creating immersive brand experiences; Netcoins, a North American crypto exchange; and Blockchain Intelligence Group, a crypto compliance and risk-assessment technology provider.
The crypto stock (CSE:BIGG) is up by 4.29 per cent, trading at C$0.365 per share as of 9:51 am ET. The stock has added 14 per cent year-over-year and 265 per cent since 2019.
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