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GMP Capital Inc. Reports Second Quarter 2019 Results

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GMP Capital Inc. (GMP) (TSX: GMP) today reported a net loss from continuing operations of $3.8 million and revenue from continuing operations of $26.5 million in second quarter 2019.  On an adjusted basis1, net loss from continuing operations was $0.6 million in second quarter 2019 compared with net income of $5.0 millionin second quarter 2018.

“The results for this quarter were impacted by the 35% industry wide decline in common equity underwriting transactions compared to the prior period, largely in the cannabis, blockchain and mining sectors, an uncertain market environment as well as costs incurred in connection with the sale of the Capital Markets business to Stifel,” said Harris Fricker, CEO of the Capital Markets business.  “With the overwhelming vote in support of the Sale Transaction earlier this week and the equally positive reception from our clients and employees regarding the prospect and opportunities that we expect to arise under the formidable Stifel platform, we are now busy preparing to seamlessly transition our Capital Market business to Stifel”.

GMP reported a net loss of $26.7 million and a diluted loss per share of $0.41 in first half 2019 from continuing operations compared with net income of $6.8 million and EPS of $0.06 in first half 2018.  The decline in performance reflects the $28.5 million non-cash goodwill impairment charge recorded in first quarter 2019. Additionally, first quarter 2019 included an $8.3 million non-cash gain relating to reclassification of a cumulative foreign currency translation adjustment in connection with the sale of discontinued operation. On an adjusted basis, first half 2019 net income from continuing operations was $6.2 million and EPS was $0.05.

On a consolidated basis, GMP recorded a net loss of $19.3 million in first half 2019 compared with net income of $4.6 million in first half 2018.  The decline in performance was primarily due to the non-cash goodwill impairment charge recorded in first quarter 2019.  Additionally, first quarter 2019 included an $8.3 million non-cash gain relating to reclassification of cumulative foreign currency translation adjustments in connection with the sale of discontinued operations.  On an adjusted basis1, GMP recorded net income of $13.7 million in first half 2019 compared with net income of $11.4 million in first half 2018.

Discontinued Operation

In January 2019, GMP completed the sale of its U.S. fixed income business, which was conducted through its wholly owned U.S. subsidiary GMP Securities, LLC to a third party.  As required under IFRS 5 – Non-Current Assets Held for Sale and Discontinued Operations, the operating results of the disposed U.S. fixed income business are reported as discontinued operations throughout this press release.  Certain previously reported figures have been retrospectively restated to show the discontinued operations separately from continuing operations.  For further information relating to discontinued operations, please refer to Note 8 to the 2018 Annual Financial Statements and Note 5 to the Second Quarter 2019 Financial Statements.

Net income from discontinued operations was nil in second quarter 2019 compared with a net loss of $0.9 million in second quarter 2018.  Net income from discontinued operations was $7.5 million in first half 2019 compared with a net loss of $2.2 million in first half 2018.  The improvement reflects an $8.3 million non-cash gain in connection with the sale of discontinued operations in the first quarter of 2019.

 

SOURCE GMP Capital Inc.

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Galaxy Digital Serves as Co-Manager of Silvergate’s Initial Public Offering

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Galaxy Digital Holdings Ltd. (TSXV: GLXY; Frankfurt: 7LX) (“Galaxy Digital” or the “Company”) today announced that Galaxy Digital Advisors LLC served as co-manager of Silvergate Capital Corporation’s initial public offering of 3,333,333 shares of its Class A common stock at a public offering price of $12.00 per share.  Silvergate’s common stock trades under the trading symbol “SI” on the New York Stock Exchange.

“Galaxy Digital Advisors is pleased to have served as co-manager of Silvergate’s initial public offering,” said Ian Taylor, Head of Advisory Services at Galaxy Digital.  “We are committed to building long-term relationships with leading companies in the digital asset and blockchain industry and leveraging  our expertise to complete additional offerings for an array of firms going forward.”

 

SOURCE Galaxy Digital Holdings Ltd

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eToroX Adds Dash, USDC, USDT and 5 New Stablecoins

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eToroX, the blockchain subsidiary of global investment platform eToro, has added five new fiat stablecoins, a new cryptoasset, two further established stablecoins and a crypto-commodity pair, signalling its rapid growth, having only launched only six months ago. There are now 26 tradable assets available on the exchange.

The new assets announced today are:

  • Turkish Lira (TRYX), Polish Zloty (PLNX), South African Rand (ZARX), Hong Kong Dollar (HKDX), and Singapore Dollar (SGDX)
  • Peer-to-peer cryptoasset, Dash
  • Circle’s USDC and Tether’s USDT stablecoins
  • GOLDX/BTC pairing

eToroX is committed to supporting the needs of algo traders seeking to diversify into cryptoassets on a secure and regulated platform. These new additions also demonstrate eToroX’s focus on Asian markets.

Doron Rosenblum, Managing Director of eToroX commented, “We see the addition of USDC and USDT as a way for eToroX to further meet the needs of professional and institutional algo traders, particularly in the Asian markets. Adding five new stablecoins, plus the addition of the Dash cryptoasset, demonstrates our ongoing commitment to bridge the gap between the world of blockchain and traditional financial markets.”

GoldX – the tokenized gold stablecoin – is now available as a base currency for a trading as a pair with Bitcoin (GOLDX/BTC). Increasingly, bitcoin is being compared with gold as a store of value. Gold is viewed as a safe haven asset, and bitcoin is increasingly being referred to as ‘digital gold’.

Rosenblum continued: “Our Gold/Bitcoin pair provides a means to trade between the old and the new stores of value, making Gold/BTC an extremely special and interesting combination.

With today’s new additions, eToroX has added a total of 96 trading pairs since its inception in April this year, and currently offers seventeen eToroX stablecoins in addition to USDC and USDT.

The pairs include: USDEX/ZARX, ZARX/JPYX, EURX/PLNX, USDEX/PLNXUSDEX/HKDXUSDEX/TRYXUSDEX/SGDXETH-USDTXRP-USDTLTC-USDTBCH-USDTXLM-USDTEOS-USDTTRX-USDTBTC-USDCETH-USDCXRP-USDCLTC-USDCBCH-USDCXLM-USDCEOS-USDC, and TRX-USDC.

As eToroX continues to open up the world of trading on the blockchain, more trading pairs will be announced. eToroX will also be adding additional cryptoassets and stablecoins to the exchange in the coming months.

 

SOURCE eToro

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Ucommune Hosts 4th World INS Conference in Beijing, Releases Future Trends White Paper

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Ucommune Releases Future Trends White Paper

 

Ucommune, China’s largest co-working community operator, recently hosted the 4th World INS Conference in Beijing, China. Designed to facilitate information exchange and cooperation in the innovation economy, this year’s conference brought together thousands of entrepreneurs and thought leaders around the theme “The Future of Co-inventing”, echoing Ucommune’s three core values, “Innovation, Network and Share”.

The conference welcomed over 50 experts, scholars, industry leaders, investment institutions, entrepreneurial innovators to discuss a range of trending topics spanning from smart living solutions to innovation and business growth.

“As China’s largest co-working operator, it is our responsibility to connect people and facilitate the exchange of ideas to drive innovation,” said Dr Daqing Mao, Founder and Chairman of Ucommune. “Now in its fourth year, the INS World Conference brings together the most brilliant minds from across the country to create and share. Enriched with the spirit of innovation, sharing and connection, this conference looks at how future technology trends, creative ideas and cultural developments are transforming our daily life and work.”

During the conference, Ucommune announced the findings of their annual “The Future of Co-inventing: Report on Future Trends in 2019” white paper, providing valuable academic insights for data analysts, economic observers and political researchers. The 96-page report includes data from 76 data sets and ten cities to examine how artificial intelligence will shape future homes, public spaces, and businesses across nine scenarios and industries: blockchain technology; 6G; connected family healthcare systems; VR applications; autonomous driving and facial recognition.

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