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Converge Technology Solutions Reports Second Quarter 2023 Financial Results

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TORONTO and GATINEAU, QC, Aug. 9, 2023 /PRNewswire/ — Converge Technology Solutions Corp. (“Converge” or “the Company“) (TSX: CTS) (FSE: 0ZB) (OTCQX: CTSDF) is pleased to provide its financial results for the three and six months period ended June 30, 2023 (“Q2-23”).  All figures are in Canadian dollars unless otherwise stated.

Financial Summary

In $000s except per share amounts

 

Q2 2023

 

Q2 2022

 

H1 2023

 

H1 2022

Gross Sales1

957,219

729,678

1,922,477

1,403,607

Revenue

665,813

515,196

1,344,011

1,009,236

Gross profit (GP)

175,672

133,152

347,260

242,196

Gross profit (GP) %

26.4 %

25.8 %

25.8 %

24.0 %

Adjusted EBITDA1

41,527

39,187

82,735

68,836

Adjusted EBITDA1 as a % of GP

23.6 %

29.4 %

23.8 %

28.4 %

Adjusted EBITDA1 as a % of Revenue

6.2 %

7.6 %

6.2 %

6.8 %

Net (loss) income

(4,495)

11,678

(7,856)

9,270

Adjusted net income1

$25,124

29,900

$49,565

52,410

Adjusted EPS1

$0.12

$0.14

$0.24

$0.24

 

Q2-23 Financial Highlights:

  • Gross sales1 of $957.2 million compared to $729.7 million in Q2-22; an increase of $227.5 million or 31%
  • Gross services sales1 of $317.2 million increased by 33% year-over-year
  • Gross Profit of $175.7 million compared to $133.1 million in Q2-22; an increase of $42.5 million or 32%
  • Organic gross profit growth for Q2-23 was 2.5% driven by 14.4% increase in services organic gross profit
  • Adjusted EBITDA1 of $41.5 million, increasing from $39.2 million in Q2-22 by 6%
  • Revenue for Q2-23 of $665.8 million, an increase of 29% over Q2-22 
  • Product Bookings backlog2 at the end of Q2-23 was $447.6 million
  • Achieved 112 net new logos3 in Q2-23, securing 215 net new logos in H1-23

___________________________________

1 This is a Non-IFRS measure (including non-IFRS ratio) and not a recognized, defined or a standardized measure under IFRS. See the Non-IFRS Financial Measures section of this news release for definitions, uses and a reconciliation of historical non-IFRS financial measures to the most directly comparable IFRS financial measures.

2 Bookings backlog is calculated as purchase orders received from customers not yet delivered at the end of the fiscal period for North America Region.

3 Statistic based on North American Region.

 

Q2-23 Business Highlights & Subsequent to Quarter

  • Board of Directors authorize second quarter dividend of $0.01 per common share to be paid on September 22nd, 2023 to shareholders of record at the close of business on September 8th, 2023
  • Converge concluded its previously announced NCIB program after purchasing 4.28 million shares throughout Q2-23
  • The Company announced that the Toronto Stock Exchange approved the Company’s Notice of Intention to make a Normal Course Issuer Bid. Pursuant to the NCIB, the Company may purchase for cancellation up to an aggregate of 19,427,276 common shares. All common shares acquired by the Company under the NCIB will be cancelled

“Converge continued to execute on its cross-sell strategy throughout the second quarter and drove high value solutions with clients by leveraging our advisory, implementation, and managed services across all practice areas.  Today 60% of Converge sales representatives in North America are now driving more than 4 solution areas with their clients,” said Greg Berard, Converge Global CEO. “In today’s IT environment, Converge continues to shape and transform innovation, revolutionizing client-technology interactions. A distinguishing reason clients continue to partner with Converge is our ability to provide end-to-end solutions for cloud, hardware, and software, all while leveraging the technical expertise required for effective professional and managed services.  Converge has built a unique set of skills supported by foundational partnerships across Analytics, AI, Cloud, and Cybersecurity and will continue to develop leading solutions to adapt with our clients’ growing needs.  I am extremely proud of our team’s performance which has resulted in record gross profit in Q2-23.”

Conference Call Details:
Date: Wednesday, Aug 9th, 2023
Time: 8:00 AM Eastern Time

Participant Webcast Link: 
Webcast Link – https://app.webinar.net/gkXqYQ1YE8v
Participant Dial-in Details with Operator Assistance:
Conference ID: 70789128
Toronto: 416-764-8609
North American Toll Free: 888-390-0605

International Toll-Free Numbers:
Germany: 08007240293
Ireland: 1800939111
Spain: 900834776
Switzerland: 0800312635
United Kingdom: 08006522435

You may register and enter your phone number to receive an instant automated call back via 
https://emportal.ink/3OgdiaZ 

Recording Playback:
Webcast Link – https://app.webinar.net/gkXqYQ1YE8v
Toronto: 416-764-8677
North American Toll Free:  1-888-390-0541
Replay Code: 789128 #
Expiry Date: August 16th, 2023

Please connect at least 15 minutes prior to the conference call to ensure time for any software download that may be required to access the webcast. A live audio webcast accompanied by presentation slides and archive of the conference call and webcast will be available by visiting the Company’s website at https://convergetp.com/investor-relations/.

About Converge

Converge Technology Solutions Corp. is a services-led, software-enabled, IT & Cloud Solutions provider focused on delivering industry-leading solutions. Converge’s global approach delivers advanced analytics, application modernization, cloud platforms, cybersecurity, digital infrastructure, and digital workplace offerings to clients across various industries. The Company supports these solutions with advisory, implementation, and managed services expertise across all major IT vendors in the marketplace. This multi-faceted approach enables Converge to address the unique business and technology requirements for all clients in the public and private sectors. For more information, visit convergetp.com.

Summary of Consolidated Statements of Financial Position
(expressed in thousands of Canadian dollars)

June 30, 2023

December 31, 2022

Assets

Current

     Cash

$             78,443

$             159,890

     Restricted cash

2,611

5,230

     Trade and other receivables

781,330

781,683

     Inventories

160,411

158,430

     Prepaid expenses and other assets

23,337

23,046

1,046,132

1,128,279

Non-current

     Other assets

17,943

4,646

     Property, equipment, and right-of-use assets, net

73,659

88,352

     Intangible assets, net

419,403

463,751

     Goodwill

561,283

563,848

Total assets

$          2,118,420

$          2,248,876

Liabilities

Current

     Trade and other payables

$             814,855

$             824,924

     Other financial liabilities

63,082

123,932

     Deferred revenue

47,475

60,210

     Borrowings

398

421,728

     Income taxes payable

7,816

7,112

933,626

1,437,906

Non-current

     Other financial liabilities

51,701

77,183

     Borrowings

429,909

     Deferred tax liabilities

88,278

102,977

 Total liabilities

$          1,503,514

$          1,618,066

Shareholders’ equity

     Common shares

604,144

595,019

     Contributed surplus

9,243

7,919

     Exchange rights

1,705

     Accumulated other comprehensive income

156

13,708

     Deficit

(27,186)

(18,441)

Total equity attributable to shareholders of Converge

586,357

599,910

Non-controlling interest

28,549

30,900

614,906

630,810

Total liabilities and shareholders’ equity

$        2,118,420

$        2,248,876

 

Summary of Consolidated Statements of Loss and Comprehensive Loss
(expressed in thousands of Canadian dollars)

   

Three months ended
June 30,

Six months ended
June 30,

2023

2022

2023

2022

Revenues

  Product

$

511,597

$

410,361

$

1,048,286

$

807,753

  Service

154,216

104,835

295,725

201,483

Total revenue

665,813

515,196

1,344,011

1,009,236

Cost of sales

490,141

382,044

996,751

767,040

Gross profit

175,672

133,152

347,260

242,196

Selling, general and administrative expenses 

136,699

95,823

268,732

176,235

Income before the following

38,973

37,329

78,528

65,961

Depreciation and amortization

26,893

17,178

52,783

31,657

Finance expense, net

10,652

3,094

20,002

4,912

Special charges

13,292

5,559

17,576

11,280

Share-based compensation

1,117

1,685

1,965

2,897

Other (income) expenses

(6,529)

(3,265)

(4,060)

3,138

Income before income taxes

(6,452)

13,078

(9,738)

12,077

Income tax (recovery) expense

(1,957)

1,400

(1,882)

2,807

Net (loss) income

$

(4,495)

$

11,678

$

(7,856)

$

9,270

Net (loss) income attributable to:

      Shareholders of Converge

(3,548)

12,017

(5,505)

10,223

      Non-controlling interest

(947)

(339)

(2,351)

(953)

$

(4,495)

$

11,678

$

(7,856)

$

9,270

Other comprehensive (loss) income

Item that may be reclassified subsequently to income:

Exchange differences on translation of foreign operations

(15,725)

5,554

(13,552)

(1,034)

(15,725)

5,554

(13,552)

(1,034)

Comprehensive (loss) income

$

(20,220)

$

17,232

$

(21,408)

$

8,236

Comprehensive (loss) income attributable to:

 Shareholders of Converge 

(19,273)

17,571

(19,057)

9,189

 Non-controlling interest

(947)

(339)

(2,351)

(953)

(20,220)

17,232

(21,408)

8,236

Adjusted EBITDA

41,527

39,187

82,735

68,836

Adjusted EBITDA as a % of Gross Profit

23.6 %

29.4 %

23.8 %

28.4 %

Adjusted EBITDA as a % of Revenue

6.2 %

7.6 %

6.2 %

6.8 %

                   

 

Summary of Consolidated Statements of Cash Flows
(expressed in thousands of Canadian dollars)

For the three months
ended June 30,

For the six months

ended June 30,

2023

2022

2023

2022

Cash flows (used in) from operating activities

Net (loss) income

$

(4,495)

$

11,678

$

(7,856)

$

9,270

Adjustments to reconcile net (loss) income to net
cash from operating activities

Depreciation and amortization

29,235

18,739

56,785

33,969

Unrealized foreign exchange (gains) losses

(5,281)

(2,968)

(2,818)

3,701

Share-based compensation expense

1,117

1,685

1,965

2,897

   Finance expense, net

10,652

3,094

20,002

4,912

   Gain on sale of property and equipment

(598)

(598)

   Change in fair value of contingent consideration

6,551

6,551

   Income tax (recovery) expense

(1,957)

1,400

(1,882)

2,807

35,224

33,628

72,149

57,556

   Changes in non-cash working capital items

(40,349)

9,214

(41,585)

(44,290)

(5,125)

42,842

30,564

13,266

   Income taxes paid

(4,520)

(16,272)

(11,446)

(17,025)

Cash (used in) from operating activities

(9,645)

26,570

19,118

(3,759)

Cash flows used in investing activities

Purchase of property and equipment

(2,091)

(3,123)

(7,197)

(14,479)

Proceeds on disposal of property and equipment 

3,681

3,749

178

Payment of contingent consideration

(975)

(9,935)

(10,168)

Payment of deferred consideration

(4,066)

(5,208)

(29,720)

(6,948)

Payment of NCI liability

(29,994)

Business combinations, net of cash acquired

(131,545)

(199,471)

Cash used in investing activities

(3,451)

(139,876)

(73,097)

(230,888)

Cash flows (used in) from financing activities

Transfers from (to) restricted cash

2,371

58,980

2,587

(4,513)

Interest paid

(7,365)

(2,102)

(15,242)

(3,058)

Dividend paid

(2,067)

(1,100)

(2,067)

(1,100)

Payments of lease liabilities

(5,089)

(2,304)

(10,224)

(5,032)

Repurchase of common shares

(14,230)

(14,230)

Repayment of notes payable

(40)

(38)

(80)

(159)

Net (repayment) proceeds from borrowings

(22,815)

22,351

11,384

184,819

Cash (used in) from financing activities

(49,235)

75,787

(27,872)

170,957

Net change in cash during the period

(62,331)

(37,519)

(81,851)

(63,690)

Effect of foreign exchange on cash

1,746

4,526

404

(328)

Cash, beginning of period

139,028

217,168

159,890

248,193

Cash, end of period

$

78,443

$

184,175

$

78,443

$

184,175

 

Non-IFRS Financial Measures

This release refers to certain performance indicators including Adjusted EBITDA that does not have any standardized meaning prescribed by IFRS and may not be comparable to similar measures presented by other companies.  Management believes that these measures are useful to most shareholders, creditors, and other stakeholders in analyzing the Company’s results. These non-IFRS financial measures should not be considered as an alternative to the consolidated income (loss) or any other measure of performance under IFRS. 

Adjusted EBITDA

Adjusted EBITDA represents net income or loss adjusted to exclude amortization, depreciation, interest expense and finance costs, foreign exchange gains and losses, share-based compensation expense, income tax expense, and special charges. Special charges consist primarily of restructuring related expenses for employee terminations, lease terminations, and restructuring of acquired companies, as well as certain legal fees or provisions related to acquired companies. From time to time, it may also include adjustments in the fair value of contingent consideration, and other such non-recurring costs related to restructuring, financing, and acquisitions.

The Company uses Adjusted EBITDA to provide investors with a supplemental measure of its operating performance and thus highlight trends in its core business that may not otherwise be apparent when relying solely on IFRS financial measures. The Company believes that securities analysts, investors and other interested parties frequently use non-IFRS measures in the evaluation of issuers. Management also uses non-IFRS measures to facilitate operating performance comparisons from period to period, prepare annual operating budgets and assess the ability to meet capital expenditure and working capital requirements.

Adjusted EBITDA is not a recognized, defined or standardized measure under IFRS. The Company’s definition of Adjusted EBITDA will likely differ from that used by other companies and therefore comparability may be limited.  Adjusted EBITDA should not be considered a substitute for or in isolation from measures prepared in accordance with IFRS.  Investors are encouraged to review the Company’s financial statements and disclosures in their entirety and are cautioned not to put undue reliance on non-IFRS measures and view them in conjunction with the most comparable IFRS financial measures.

The Company has reconciled Adjusted EBITDA to the most comparable IFRS financial measure as follows:

For the three months

ended June 30,

For the six months

ended June 30,

2023

2022

2023

2022

Net income (loss) before taxes

$    (6,452)

$    13,078

$    (9,738)

$     12,077

Finance expense

10,652

3,094

20,002

4,912

Share-based compensation expense

1,117

1,685

1,965

2,897

Depreciation and amortization

26,893

17,178

52,783

31,657

Depreciation included in cost of sales

2,342

1,561

4,002

2,312

Foreign exchange loss (gain)

(6,317)

(2,968)

(3,855)

3,701

Special charges

13,292

5,559

17,576

11,280

Adjusted EBITDA

$    41,527

$   39,187

$    82,735

$   68,836

 

Adjusted EBITDA as a % of Gross Profit

The Company believes that Adjusted EBITDA as a % of Gross Profit is a useful measure of the Company’s operating efficiency and profitability. This is calculated by dividing Adjusted EBITDA by gross profit.

Adjusted Net Income (Loss) and Adjusted Earnings per Share (“EPS”)

Adjusted Net Income (Loss) represents net income (loss) adjusted to exclude special charges, amortization of acquired intangible assets, and share-based compensation. The Company believes that Adjusted Net Income (Loss) is a more useful measure than net income (loss) as it excludes the impact of one-time, non-cash and/or non-recurring items that are not reflective of Converge’s underlying business performance. Adjusted EPS is calculated by dividing Adjusted Net Income (Loss) by the total weighted average shares outstanding on a basic and diluted basis. 

The Company has provided a reconciliation to the most comparable IFRS financial measure as follows:

For the three months

For the six months

ended June 30,

ended June 30,

2023

2022

2023

2022

Net (loss) income

$    (4,495)

$    11,678

$    (7,856)

$       9,270

Special charges

13,292

5,559

17,576

11,280

Amortization of acquired intangible assets

21,527

13,946

41,735

25,262

Foreign exchange loss

(6,317)

(2,968)

(3,855)

3,701

Share-based compensation

1,117

1,685

1,965

2,897

Adjusted Net Income:

$    25,124

$    29,900

$     49,565

$     52,410

     Basic

0.12

0.14

0.24

0.24

 

Gross sales and gross sales for organic growth

Gross sales, which is a non-IFRS measurement, reflects the gross amount billed to customers, adjusted for amounts deferred or accrued. The Company believes gross sales is a useful alternative financial metric to net revenue, the IFRS measure, as it better reflects volume fluctuations as compared to net revenue. Under the applicable IFRS 15 ‘principal vs agent’ guidance, the principal records revenue on a gross basis and the agent records commission on a net basis. In transactions where Converge is acting as an agent between the customer and the vendor, net revenue is calculated by reducing gross sales by the cost of sale amount. 

The Company has provided a reconciliation of gross sales to net revenue, which is the most comparable IFRS financial measure, as follows:

For the three months

For the six months

ended June 30,

ended June 30,

2023

2022

2023

2022

Product

$    639,996

$    491,821

$    1,305,306

$       945,210

Managed services

45,182

32,268

85,818

66,251

Third party and professional services

272,041

205,589

531,353

392,146

Gross sales

$    957,219

$    729,678

$    1,922,477

$    1,403,607

Adjustment for sales transacted as agent

(291,406)

(214,482)

(578,466)

(394,371)

Net Revenue

$    665,813

$    515,196

$    1,344,011

$    1,009,236

 

Organic Growth

The Company measures organic growth at the gross sales and gross profit levels, and includes the contributions under Converge ownership in the current and comparative period(s). In calculating organic growth, the Company therefore deducts gross sales and gross profit generated from companies that were acquired in the current reporting period.

Gross sales organic growth is calculated by deducting prior period gross sales, as reported in the Company’s public filings, from current period gross sales for the same portfolio of companies. Gross sales organic growth percentage is calculated by dividing organic growth by prior period reported gross sales.

The following table calculates gross sales organic growth for three and six months ended June 30, 2023:

For the three months

For the six months

ended June 30,

ended June 30,

2023

2022

2023

2022

Gross sales

$    957,219

$    729,678

$    1,922,477

$    1,403,607

Less: gross sales from companies not
owned in comparative period

214,227

215,748

459,857

404,433

Gross sales of companies owned in
comparative period

$    742,992

$    513,930

$    1,462,620

$       999,174

Prior period gross sales

729,678

452,120

1,403,607

860,220

Organic Growth – $

$      13,314

$      61,810

$         59,013

$       138,954

Organic Growth – %

1.8 %

13.7 %

4.2 %

16.2 %

 

Gross profit organic growth is calculated by deducting prior period gross profit, as reported in the Companies public filings, from current period gross profit for the same portfolio of companies. Gross profit organic growth percentage is calculated by dividing organic growth by prior period reported gross profit.

For the three months

For the six months

ended June 30,

ended June 30,

2023

2022

2023

2022

Gross profit

$    175,672

$    133,152

$      347,260

$      242,196

Less: gross profit from companies not
owned in comparative period

39,239

40,737

83,836

72,545

Gross profit of companies owned in
comparative period

$    136,433

$      92,415

$      263,424

$      169,651

Prior period gross profit

133,152

78,244

242,197

146,041

Organic Growth – $

$        3,281

$      14,171

$        21,227

$        23,610

Organic Growth – %

2.5 %

18.1 %

8.8 %

16.2 %

 

Forward-Looking Information 

This press release contains certain “forward-looking information” and “forward-looking statements” (collectively, “forward-looking statements“) within the meaning of applicable Canadian securities legislation regarding Converge and its business. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected” “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”. “estimates”, “believes” or intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Except as required by law, Converge assumes no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change.  The reader is cautioned not to place undue reliance on forward-looking statements.

For a detailed description of the risks and uncertainties facing the Company and its business and affairs, readers should refer to the Company’s filings statement available on SEDAR under the Company’s profile at www.sedar.com including its most recent Annual Information Form, its Management Discussion and Analysis and its Annual and Quarterly Financial Statements.

CONTACT : Converge Technology Solutions Corp., Email: [email protected], Phone: 416-360-1495

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Blockchain Press Releases

Flash News: OKX Introduces Exclusive ‘Babylon Pioneer Pass Event’ in Collaboration with Babylon, Offering Free Pioneer Pass NFT Minting for the First 100,000 Users Who Stake on Babylon Testnet

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flash-news:-okx-introduces-exclusive-‘babylon-pioneer-pass-event’-in-collaboration-with-babylon,-offering-free-pioneer-pass-nft-minting-for-the-first-100,000-users-who-stake-on-babylon-testnet

SINGAPORE, March 2, 2024 /PRNewswire/ — OKX, a leading Web3 technology company, has issued updates for March 2, 2024.

OKX Introduces Exclusive ‘Babylon Pioneer Pass Event’ in Collaboration with Babylon, Offering Free Pioneer Pass NFT Minting for the First 100,000 Users Who Stake on Babylon Testnet

OKX today announced the launch of its ‘Babylon Pioneer Pass Event,’ giving users who access the Babylon Testnet and stake any amount of Signet Bitcoin (sBTC) the opportunity to claim Babylon’s Bitcoin Pioneer Pass NFT. To qualify for a spot, users must access the Babylon Testnet and stake any amount of Signet Bitcoin (sBTC).

The event kicks off on February 28 and continues until March 6. Following the event, starting from March 7, participants who have been whitelisted will have the ability to mint their Bitcoin Pioneer Pass NFT using the OKX Wallet and their whitelisted address.

The process of participating in this event is straightforward and involves the following steps:

  1. Firstly, users will need to prepare by setting up their OKX and Keplr Wallets. These wallets will be crucial for interacting with the Babylon Testnet and the subsequent claiming of sBTC and BBN.
  2. Following the wallet setup, users can then claim the sBTC and BBN on Babylon’s Official Discord. These tokens will be needed for staking in the Babylon Testnet.
  3. Finally, users will need to access Babylon’s official website, where users can actively engage, stake their tokens and claim their whitelist spots.

Participation in the event offers a multitude of benefits. Users can engage actively with the Babylon Testnet, which in turn enhances their understanding of the Babylon protocol and its functionalities. Furthermore, participants contribute to the development and evolution of the Babylon protocol by being active users.

The ‘Babylon Pioneer Pass Event‘ is a result of OKX’s partnership with Babylon, a trustless Bitcoin staking protocol. The Bitcoin Pioneer Pass, Babylon’s first commemorative Non-Fungible Token (NFT), is a highlight of this event, representing a significant milestone for both OKX and Babylon.

For more information, please visit the OKX Support Center.

About OKX

A leading global technology company driving the future of Web3, OKX provides a comprehensive suite of products to meet the needs of beginners and experts alike, including:

  • OKX Wallet: The world’s most powerful, secure and versatile crypto wallet which gives users access to over 80 blockchains while allowing them to take custody of their own funds. The wallet includes MPC technology which allows users to easily recover access to their wallet independently, removing the need for traditional, ‘written down’ seed phrases. In addition, OKX Wallet’s account abstraction-powered Smart Account enables users to pay for transactions on multiple blockchains using USDC or USDT, and interact with multiple contracts via a single transaction.
  • DEX: A multi-chain, cross-chain decentralized exchange aggregator of 300+ other DEXs and approximately 15 bridges, with 200,000+ coins and more than 20 blockchains supported.
  • NFT Marketplace: A multi-chain, zero-fee NFT marketplace that gives users access to NFT listings across seven top-tier marketplaces including OpenSea, MagicEden, LooksRare and Blur.
  • Web3 DeFi: A powerful DeFi platform that supports earning and staking on about 70 protocols across more than 10 chains.

OKX partners with a number of the world’s top brands and athletes, including English Premier League champions Manchester City F.C., McLaren Formula 1, The Tribeca Festival, Olympian Scotty James, and F1 driver Daniel Ricciardo.

As a leader building innovative technology products, OKX believes in challenging the status quo. The company recently launched a global brand campaign entitled, The System Needs a Rewrite, which advocates for a new paradigm led by Web3 self-managed technology.

To learn more about OKX, download our app or visit: okx.com

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Blockchain Press Releases

Bitget Wallet now supports the Blast Mainnet, pioneering full ecosystem support as a Web3 wallet

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VICTORIA, Seychelles, March 1, 2024 /PRNewswire/ — The globally leading Web3 trading wallet Bitget Wallet has now integrated support for the Blast Mainnet, making it the first all-in-one Web3 wallet for the Blast ecosystem. Users can effortlessly add and switch mainnets within the wallet with just one click, without the need for manual configuration. This integration enables users to manage, transfer, swap, and interact on one of the largest L2 launches in 2024.

Bitget Wallet has aggregated liquidity from mainstream DEXs within the Blast ecosystem, such as BlasterSwap and MonoSwap, into its Swap feature. This allows for mainnet token Swap transactions, providing users with convenient services for trading assets on the Blast blockchain.

During the Blast testnet phase, Bitget Wallet was among the first to offer support, unveiled a dedicated zone in its DApp page for Blast. This section featured over 40 elite projects from Blast’s Big Bang incentive program, enabling users to easily explore, interact, and potentially receive future airdrops in the Blast ecosystem. Following the launch of the Blast mainnet, Bitget Wallet plans to continue integrating popular projects from the Blast ecosystem, offering users extensive asset management features and a comprehensive ecosystem experience.

Bitget Wallet’s COO, Alvin Kan, highlights Blast as a Layer 2 solution with staking at its core, gaining market attention since launch. He says, “We’re committed to cutting-edge tech, lowering Web3 engagement barriers. Collaborating with quality mainnets like Blast, we aim to drive Web3 ecosystem growth.”

This week, Bitget Wallet engages with popular Blast ecosystem projects, exploring market traction, “Stake Layer 2” narrative, TVL enhancement strategies by staking and earning points, notable projects, and effective ways for users to participate in the Blast ecosystem upon mainnet launch. This provides users with valuable insights for meaningful ecosystem engagement.

Additionally, Bitget Wallet is organizing major events to support the Blast ecosystem, providing users with opportunities for discovering new assets.

About Bitget Wallet

Bitget Wallet stands as Asia’s largest and one of the world’s top non-custodial Web3 wallets, boasting over 19 million users globally. Featuring a comprehensive array of features including asset management, intelligent market data, swap functionality, launchpad, inscribing, DApp browsing, and more, Bitget Wallet promises users an unmatched multi-chain Web3 experience. Currently, Bitget Wallet supports over 100 blockchains, hundreds of EVM-compatible chains, and more than 250,000 cryptocurrencies. By aggregating liquidity across hundreds of leading DEXs and cross-chain bridges, Bitget Wallet is able to facilitate seamless and efficient trades on 40+ blockchains.

For more information, visit: Website | Twitter | Telegram | Discord

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Blockchain Press Releases

Cashback and Crypto: Bybit’s Monthly Bonanza

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DUBAI, UAE, March 1, 2024 /PRNewswire/ —Bybit, one of the world’s top three crypto exchanges by volume, now unveils March’s Fiat Cashback Splash for both fresh and seasoned users who make fiat deposits.

This effort celebrates both new and familiar faces within the Bybit fold. The “Fiat Cashback Splash” is part of Bybit’s pledge to be the world’s Crypto Ark, leading the way to the new financial system, and offering straightforward chances for anyone to get involved. Indeed, any crypto users, including newcomers, will be able to walk the crypto path with Bybit as a reliable ally.

“We aim to always offer more to our users, and the Fiat Cashback Splash is our latest move to improve their journey,” said Ben Zhou, Bybit’s co-founder and CEO. “The Fiat Cashback Splash is our way of saying thank you to our community, both old and new, for their trust and support.”

This event spans the first week of every month and any one of Bybit’s 20 million users who bring fiat to the table will see rewards. Newcomers putting down $100 through fiat or a single click buy will get up to $10 back on fees. Those already with Bybit, depositing $500 or more, will see $5 returned.

For the heavy hitters depositing over $5,000, Bybit adds a $30 Buy Crypto Coupon into the mix, widening the horizon for investment.

#Bybit / #TheCryptoArk

About Bybit

Bybit is a top-three cryptocurrency exchange by volume with 20 million users established in 2018. It offers a professional platform where crypto investors and traders can find an ultra-fast matching engine, 24/7 customer service, and multilingual community support. Bybit is a proud partner of Formula One’s reigning Constructors’ and Drivers’ champions: the Oracle Red Bull Racing team.

For more details about Bybit, please visit Bybit Press.
For media inquiries, please contact: [email protected]
For more information, please visit: https://www.bybit.com
For updates, please follow: Bybit’s Communities and Social Media

Discord | Facebook | Instagram | LinkedIn | Reddit | Telegram | TikTok | X | Youtube

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