VANCOUVER, British Columbia, Sept. 06, 2018 (GLOBE NEWSWIRE) -- Netcoins Holdings Inc. (“NETC” or the "Company") (CSE: NETC) (OTC: GARLF) is pleased to provide further transactions updates, plus information on its Retail, OTC and upcoming Dealer-Brokerage lines of businesses.
Revenues
In the first two months of Q3 of fiscal 2018 (July and August, 2018), Netcoins has generated $12.9 million in transactional revenues through its Retail and OTC lines of businesses. This represents a very substantial increase in revenue per day over Q1 and Q2, and was generated during months where Bitcoin experienced new 2018 lows below USD $6,000 per coin. Netcoins transactional revenues are not tied to the price of underlying cryptocurrencies, including Bitcoin.
Cash
At the end of August, Netcoins has over CAD $5.5M million in cash, and cash equivalents, with zero debt. Netcoins generated positive cash flow in August of $64,000, being the first cash flow positive month since going public in March 2018.
Coin Listings
Netcoins has now completed listing all of the top 7 coins by market cap, which is a substantial accomplishment, and makes our platform the only one in Canada to do so, to our knowledge. This also makes our platform more attractive to buyers/sellers/investors and also to altcoins as a place to be listed.
Netcoins has listed (or has agreed to list) 7 new tokens in Q3. This has generated listing fees of approximately CAD $207,000 in Q3 thus far.
Retail Network
Our retail network continues to grow, with more than 21,000+ locations for acquiring crypto in Canada, Australia, and Europe. We have also added the ability for citizens of Kenya and Ghana to buy crypto from Netcoins with USD Flexepin vouchers. In the coming months, we expect to be adding Tanzania, Zambia, Uganda, Rwanda, South Africa, Nigeria, Zimbabwe, Malawi, Namibia and Botswana in the same fashion.
Further, we are seeking distribution partnerships to significantly expand the retail network in the coming months.
OTC Services
Netcoins OTC (Over-The-Counter) business, also known as our private brokerage, continues to gain strength in the global market. In Q3 so far, we have onboarded four cryptocurrency miners providing them with liquidity in addition to serving crypto hedge fund operators, crypto brokers and high net worth individuals. Our OTC business provides three distinct market advantages:
- Market Leading Service Fees
- Speed of Payment (often same day)
- Personalized Account Rep and an Always-on OTC platform for transactions at otc.gonetcoins.com
Dealer-Brokerage Services
Netcoins continues discussion with multiple leading Dealer-Brokerages in Canada to enable Canadian investors to buy and sell crypto from their cash trading accounts using their traditional brokers. Netcoins is also providing a business plan, including custodial options, to IIROC for regulatory evaluation in September/October.
“Netcoins is making significant progress on our mission to bring crypto to the masses. We are focused on becoming the leading crypto brokerage services firm in the country, with multiple lines of revenue generating business,” said Netcoins CEO, Mark Binns. “Our revenue curve from Q2 to Q3 shows that we are finding true product-market fit, and our customers are relying on us and referring us actively. We look forward to providing more updates on progress as it occurs.”
About the Company
The Company is in the business of developing software to make the purchase and sale of cryptocurrency easily accessible to the mass consumer and investor through brokerage services.
ON BEHALF OF THE BOARD OF DIRECTORS
“Mark Binns”
Mark Binns
CEO and Director
For Investor Relations Inquiries please contact Skanderbeg Capital Advisors at 604 687 7130 or email ir@gonetcoins.com.
The CSE does not accept responsibility for the adequacy or accuracy of this release.
Cautionary Statement Regarding “Forward-Looking” Information
This information release contains certain forward-looking information. Such information involves known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by statements herein, and therefore these statements should not be read as guarantees of future performance or results. All forward-looking statements are based on the Company's current beliefs as well as assumptions made by and information currently available to it as well as other factors. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Due to risks and uncertainties, including the risks and uncertainties identified by the Company in its public securities filings, actual events may differ materially from current expectations. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.