BIGG Digital Assets Subsidiary Netcoins Announces Q4 Results and Launch of Netcoins Crypto Trading APIFriday, January 12, 2024
Vancouver, BC, January 12, 2024--(T-Net)--BIGG Digital Assets Inc. (CSE: BIGG;), an innovator in the digital assets space, has announced select unaudited financial results for subsidiary company Netcoins' Q4 2023 and the launch of its Crypto Trading API.
Netcoins Q4 revenue totaled approximately $1.83 million which was up nearly 60% from Q3 revenues of $1.08 million. During Q4, Netcoins says it 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, easily connecting existing software or platforms to the Netcoins APIs to start trading in minutes.
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.
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).
Certain statements in this release are forward-looking statements, which include 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. [ MORE ]
Certain statements in this release are forward-looking statements, which include 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.
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