Blockchain
CoinSmart Announces Q3 2021 Financial Results
Toronto, Ontario–(Newsfile Corp. – November 15, 2021) – CoinSmart Financial Inc. (NEO: SMRT) (FSE: IIR) (“CoinSmart”), a leading Canadian headquartered crypto asset trading platform, announces the release of the financial statements of Simply Digital Technologies Inc. (“Simply Digital”) for the interim period ended September 30, 2021 and related management discussion and analysis (“MD&A”). These documents will be posted on CoinSmart’s website at www.coinsmart.com and SEDAR at www.sedar.com.
Simply Digital is the “reverse takeover acquirer” for the reverse takeover transaction that was completed on October 27, 2021 after the end of the interim period. From an accounting perspective for comparative purposes, the financial results of CoinSmart for financial periods ending after completion of the reverse takeover will be those of Simply Digital.
CoinSmart’s Q3 2021 Highlights:
- Q3 Revenue reached $3.27MM growing 238% YoY
- Registered Users reached 150,353 growing 692% YoY
- Quarterly Active Users grew by 651% YoY
- Retail Trading Volume for the 9 month period ended September 30th grew by 1717% YoY
- Assets Under Management (AUM) reached $65MM growing 660% compared to fiscal year ended December 31, 2020
Other CoinSmart 2021 Corporate Highlights
- Continued geographic diversification with the launch of the Company’s retail trading platform in Europe.
- Completed listing on NEO exchange including a concurrent subscription receipt financing for aggregate gross proceeds of CAD$12,642,900.
- Approved as a restricted dealer by Ontario Securities Commission and all other securities regulators across Canada.
- Launched Beta version of new compliance dashboard and monitoring tools.
CoinSmart CEO Justin Hartzman commented:
“Q3 2021 continued to show growth in the digital asset space with new entrants and improved on chain metrics. Q3 2021 did bring an industry wide decrease in global trading volume of 40% however CoinSmart’s trading volume decreased by only 23%. Q4 2021 has begun with a significant increase in global trading volume with the crypto assets market cap reaching a new all time high. CoinSmart is working on a number of product enhancements as well as further geographic expansion. We will provide additional details on these initiatives in a timely manner. With new additions to our team in legal, product and marketing we are poised for further growth in Q4 2021 and beyond.”
About CoinSmart
CoinSmart is a leading Canadian-headquartered crypto asset trading platform dedicated to providing customers with an intuitive way for buying and selling digital assets, like Bitcoin and Ethereum. CoinSmart is one of the few crypto asset trading platforms in Canada to be registered as a securities dealer with the Ontario Securities Commission. CoinSmart is also one of the first Canadian headquartered trading platforms to have an international presence, accepting customers across 40+ countries at a time when the digital asset industry continues to rapidly expand.
For further information please contact:
Justin Hartzman
Chief Executive Officer
E-mail: [email protected]
Tel.: (647) 923-7678
- All figures stated above are preliminary, unaudited and subject to final adjustment. Numbers above do not include any digital or FIAT currency fluctuations.
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Blockchain
Humanity Protocol Collaborates with OKX Wallet to Redefine Decentralized Identity Verification and Reward Users
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Blockchain
Blocks & Headlines: Today in Blockchain (BRICS, Hungri Games, Nano Labs, MetaHorse Unity)
Building Customer Trust in AI with Blockchain
Blockchain is emerging as a critical tool in addressing the trust deficit in artificial intelligence. By leveraging decentralized ledgers, companies can provide transparent data provenance, ensuring that AI algorithms operate ethically and without bias. This integration allows customers to verify the origins of data used in AI models, fostering greater confidence.
Businesses deploying blockchain for AI governance must prioritize simplicity and accessibility in their implementations. While the technology’s potential is immense, it is essential to communicate its benefits in a manner that resonates with non-technical stakeholders.
Source: Harvard Business Review
Blockchain at a Crossroads: Balancing Promise and Peril
As blockchain technology matures, it finds itself at a crossroads. On one side, the promise of decentralization continues to captivate industries, offering solutions for supply chain management, finance, and digital identity. On the other, challenges such as regulatory scrutiny, scalability issues, and energy consumption threaten to impede its growth.
The path forward will require a concerted effort from developers, regulators, and industry leaders. Collaborative frameworks that address these challenges while preserving blockchain’s core principles of decentralization and transparency are key to ensuring its sustained relevance.
Source: Cointelegraph
BRICS vs. USD: Blockchain’s Role in Economic Shifts
The BRICS nations (Brazil, Russia, India, China, and South Africa) are exploring blockchain-based solutions to reduce their reliance on the US dollar in international trade. By adopting decentralized technologies, these nations aim to foster economic independence and promote stability in the face of geopolitical tensions.
This initiative exemplifies blockchain’s potential to redefine global financial systems. However, its success hinges on addressing interoperability issues and fostering international collaboration. The evolution of blockchain-based trade networks could mark the beginning of a new era in economic diplomacy.
Source: CoinGeek
Hungri Games Expands MetaHorse Unity to Base Blockchain
Hungri Games has announced the expansion of its MetaHorse Unity project to the Base blockchain, aiming to enhance the gaming experience with improved scalability and lower transaction costs. This move aligns with the growing trend of integrating blockchain into gaming to create transparent and secure ecosystems.
By adopting Base, a layer-2 blockchain, MetaHorse Unity seeks to offer players a seamless and cost-effective gaming experience. The partnership highlights the potential of blockchain to transform the gaming industry, enabling innovative monetization models and fostering player engagement.
Source: CoinTrust
Nano Labs Purchases Trump Tokens to Celebrate Presidency
Nano Labs commemorated former President Donald Trump’s legacy with the acquisition of 47 Trump Tokens. This symbolic gesture underscores the intersection of blockchain technology and cultural milestones, showcasing how tokens can represent historical and social narratives.
The purchase also highlights the increasing role of blockchain in creating unique, tradable assets that capture moments in time. As tokenization continues to gain traction, it is redefining how value and significance are assigned in the digital age.
Source: PRNewswire
Final Thoughts: Blockchain’s Expanding Horizons
This week’s developments highlight the diverse applications of blockchain technology, from fostering trust in AI to reshaping global economic systems. As the industry navigates challenges and opportunities, collaboration and innovation will be crucial in unlocking blockchain’s full potential.
While hurdles such as scalability and regulation persist, the technology’s ability to drive transparency, security, and inclusivity remains unparalleled. The coming years will undoubtedly see blockchain continue to evolve, solidifying its role as a transformative force across sectors.
The post Blocks & Headlines: Today in Blockchain (BRICS, Hungri Games, Nano Labs, MetaHorse Unity) appeared first on News, Events, Advertising Options.
Blockchain
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