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."
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:
Chief Executive Officer
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.
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