BIGG Digital Assets Inc. Announces Strong Q2 2024 Results
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BIGG Digital Assets Inc. Reports Financial Results For Q2 2024
BIGG Digital Assets Inc. (CSE: BIGG; OTCQX: BBKCF; WKN: A2PS9W), a prominent player in the digital assets space and owner of Netcoins, Blockchain Intelligence Group, and TerraZero, is pleased to announce its financial results for the second quarter of 2024. The results reflect strong growth and strategic advancements within the company.
Q2 2024 Financial Highlights
The financial highlights for Q2 2024 are as follows:
- Gross operating revenue reached $2.4 million, with Netcoins contributing $2 million and Blockchain Intelligence Group providing $0.4 million.
- Netcoins saw remarkable revenue growth, amounting to $2 million, which is a 96% increase year-over-year (YoY) from $1 million in 2023. The company recorded $1.99 million in transaction revenue, marking another significant increase of 95% YoY. As of June 30, 2024, customers' staked Assets under Custody totaled $3.8 million—a notable increase from 2023, which reported no staked assets, yielding service revenue of $0.01 million.
- Blockchain Intelligence Group experienced $0.4 million in revenue, representing an 18% increase YoY and a 7% growth from Q1 2024.
- The Assets Under Custody for Netcoins reached $114.3 million, which is an increase of $51.9 million or 83% compared to $62.4 million in Q2 2023.
- With 9,170 active users, Netcoins achieved a 20% increase YoY, although this represented a decrease of 28% from Q1 2024 due to seasonal market factors. Nevertheless, there was a year-to-date growth of 6% in active users.
- Netcoins expanded its offerings by adding seven new coin offerings: PEPE, BONK, INJ, TIA, WIF, WLD, and ARB.
- The direct integration of Netcoins with Zero Hash, a global leading crypto infrastructure provider, was in advanced beta testing during Q2 2024, enhancing service delivery.
- BIG has focused on developing two innovative retail service offerings, leveraging its proprietary data to tap into emerging market opportunities. These initiatives are set to significantly expand the total addressable market and add long-term value for shareholders, with an anticipated launch in H2 2024.
- In collaboration with WhiteStream Blockstream Intelligence, BIG launched a state-of-the-art Operational Simulator Training Program aimed at equipping law enforcement and financial crime investigators.
- BIG has made strides to expand its global footprint and offer solutions that empower government agencies and law enforcement to effectively navigate digital assets.
- TerraZero is dedicated to the development of its Intraverse Live product, an innovative gamified social platform, providing users with personalized virtual environments.
- In its ongoing collaboration with Napster, TerraZero conducted an exclusive Q&A session with artist Ric Wilson to enhance customer engagement in its metaverse experiences.
- As of June 30, 2024, BIGG's cash and cryptocurrency holdings were approximately $20.4 million, and the company reported no debt.
Post-June 30, 2024 Highlights
Following June 30, 2024, BIGG has achieved the following milestones:
- BIGG owns about 99.5 Bitcoin valued at approximately $5.9 million.
- Netcoins recorded customer Assets Under Custody of about $100.5 million, marking a 15% increase from Q4 2023 but a decrease of 12% from Q1 2024.
- Netcoins expanded its offering to 50 crypto assets, meeting increasing customer demands.
- BIG doubled the size of its sales division to address the growing interest in on-chain tools as the digital asset market evolves.
- BIG introduced two advanced modules for its acclaimed Certified Cryptocurrency Investigator (CCI) training program, completing the Certified Cryptocurrency Investigator - Advanced certification course (CCI-A).
- TerraZero has partnered with predictive technology company Qeleo to enhance the scalability of its Intraverse platform.
Company Overview
BIGG Digital Assets Inc. is committed to a blockchain-driven future, investing in products and companies that facilitate this vision. The company's portfolio includes Netcoins, Blockchain Intelligence Group, and TerraZero, all of which are integral to the digital transformation of financial systems. Blockchain Intelligence Group specializes in digital asset forensics and anti-money laundering detection to ensure safe trading practices.
Contact Information
For further inquiries regarding BIGG Digital Assets Inc., please contact:
Dan Reitzik
Interim CEO
ir@biggdigitalassets.com
Frequently Asked Questions
What were the key financial highlights of BIGG Digital Assets Inc. in Q2 2024?
The company achieved gross operating revenue of $2.4 million, with notable increases in both Netcoins and Blockchain Intelligence Group revenue.
How did Netcoins perform in comparison to the previous year?
Netcoins reported a 96% increase in revenue YoY, totaling $2 million in Q2 2024, alongside a significant rise in Assets Under Custody.
What strategies is BIGG implementing to expand its market presence?
Keen on tapping emerging market opportunities, BIGG is developing new retail service offerings and expanding its sales division.
What ongoing projects are highlighted for TerraZero?
TerraZero continues to focus on its Intraverse Live product, aiming to enhance user experiences in the metaverse with gamified social interactions.
Where can I find more information about BIGG Digital Assets Inc.?
Further information can be found on the company’s official website.
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