CoinSmart Announces 2022 Financial Results
Toronto, Ontario--(Newsfile Corp. - March 28, 2023) - CoinSmart Financial Inc. (NEO: SMRT) (FSE: IIR) ("CoinSmart" or "CFI"), a leading Canadian headquartered crypto asset trading platform, announces the release of its audited consolidated financial statements for the year ended December 31, 2022 and related management discussion and analysis ("MD&A") and Annual Information Form. These documents will be posted on CoinSmart's website at www.coinsmart.com/invest and SEDAR at www.sedar.com.
CoinSmart's 2022 Highlights:
- 2022 Gross Revenue reached $13.3MM a decrease of approximately 20% YoY
- Registered users reached 280,000, growing 53% YoY
- CoinSmart's SmartPay Division grew by approximately 74% YoY
- Achieved total trading volume across all divisions of over 655MM
- Company Treasury reached approximately 10.2MM
- Company has no long term debt
Other CoinSmart 2022 Corporate Highlights
- Launched public facing API for SmartPay allowing custom integrations with a variety of Merchants.
- Expanded its Retail and Over the Counter Trading to additional European Countries.
- Launched new iOS and Android Mobile Apps.
CoinSmart CEO Justin Hartzman commented :
"Amidst the recent upheavals in the industry, with major players facing a downfall and smaller ones struggling with dwindling trading volumes and revenues, CoinSmart has stood out with its agility and adaptability. By swiftly responding to the changing market conditions and introducing new revenue streams, we have been able to achieve noteworthy results. I am pleased to share that despite the challenges, our QoQ revenue has increased by 20%, a testament to our unwavering commitment to innovation and customer satisfaction. Moving forward, we remain dedicated to expanding our product portfolio, forging strategic partnerships, and maintaining our growth trajectory in the upcoming fiscal year."
About CoinSmart Financial Inc.
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 and marketplace 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.
CoinSmart further builds on its mission to make cryptocurrency accessible by providing educational resources tailored to every level of cryptocurrency knowledge and unparalleled 24/7 omni-channel customer support. Offering instant verification, industry leading cold wallet storage, advanced charting with order book functionality and over-the-counter premium services, CoinSmart ensures every client's needs are met with the highest level of quality and care. For more information please visit https://www.coinsmart.com/.
For further information please contact:
Chief Executive Officer
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