Canada-based cryptocurrency company BIGG Digital Assets Inc. announced its financial results for the first quarter of 2022, with total quarterly revenue of $2.5 million.
In the quarter income, its subsidiary Blockchain Intelligence Group contributed $530,000, whereas digital trading app Netcoins of $1.97 million.
The Vancouver-based cryptocurrency compliance and real-time intelligence subsidiary of BIGG Digital Assets Inc, named Blockchain Intelligence Group (“BIG”), reported a 76% sequential increase in revenue in the first quarter.
The company said that as of April 30, it had about 575 bitcoins worth about $22 million in total. Blockchain Intelligence Group currently supports 11 blockchains and over 372,000 ERC-20 tokens and plans to expand the blockchain further.
BIGG Digital Assets Inc invests in products and companies within the cryptocurrency industry.
The company operates two business segments: Blockchain Technology Development and Digital Currency Sales via the Netcoins App.
Netcoins outperformed the broader market with revenue of $1.97 million in the first quarter, down 29% sequentially compared to the industry average of 37.7%.
BIGG CEO Mark Binns explained the whereabouts:
“Netcoins, despite a pullback in trading volumes and revenue, exceeded industry norms for the quarter, and we believe we gained market share in Canada. Coinbase, for comparative purposes, saw a 58% decline in retail trading volume in Q1 vs Q4. Our customer base grew by 24% in Q1, and as volume and volatility returns to the market, we are very well positioned to take advantage.”
BIGG has also invested in TerraZero and acquired about 30% of the ownership. In the future, BIGG will continue to develop its main business and invest in emerging businesses.
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