VANCOUVER, British Columbia, Jan. 14, 2019 (GLOBE NEWSWIRE) -- Netcoins Holdings Inc. (“Netcoins” or the "Company") (CSE: NETC; OTC: GARLF; WKN: 1WJ) is pleased to provide further corporate updates, including information on its Retail, Portal, OTC and upcoming Dealer-Brokerage lines of businesses.
2018 Fourth Quarter Revenues
During fourth quarter of fiscal 2018, Netcoins generated over CAD $27 million in transactional revenues through its Retail, Portal and OTC lines of businesses. Netcoins annual fiscal 2018 revenues hit CAD $59 million, representing a 400%+ year-over-year growth. Comparatively, the price of Bitcoin dropped during Q4 from approximately USD $6,500 to a low of nearly USD $3,000 per Bitcoin. Netcoins continues to demonstrate significant transactional revenues regardless of the overall volatility with cryptocurrency valuations.
Overall Financial Position
As at December 31, 2018, Netcoins had approximately CAD $5.4 million in cash and cash equivalents and no debt. Netcoins’ financial position remains strong and steady, enabling our next phases of growth.
Retail Network
Netcoins’ retail network continues to grow, now with more than 171,000 locations around the world for consumers to purchase cryptocurrency. 2018 Q4 was a period of significant growth for this retail network, and Netcoins is excited to continue increasing revenue within these locations.
Netcoins Self-Serve Online Portal
During December 2018, Netcoins launched a self-serve buying portal. This online portal enables both retail consumers and investor clients to purchase over twenty different cryptocurrencies. Users are able to create an account and place orders after completing an automated KYC process. We believe this is the world’s first convenient “fiat to alt-coin” purchasing platform. Typically, alt-coin traders are required to first purchase either Bitcoin or Ethereum, and convert into an alt-coin via a separate exchange. Netcoins now greatly simplifies the process with the ability to buy direct using fiat balances using its proprietary self-serve online portal.
OTC Services
Netcoins OTC (Over-The-Counter) business continues to grow through the addition of more crypto miners and blockchain corporate clients. OTC volume grew 25% quarter-over-quarter from Q3 to Q4 2018. Netcoins 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.
More info Netcoins OTC business here: https://www.gonetcoins.com/otc/
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 also continues to work with IIROC, the BCSC (as point for all Canadian Securities Associations) and the CIPF to bring a regulated and safe product to market, allowing investors to buy crypto through their traditional investment accounts. Netcoins also secured BitGo as a custody partner, in part to enable this line of business.
What to Expect for 2019
In 2019, Netcoins intends to:
- Aggressively expand adoption of our new Self-Serve Online Portal, including adding sell-side and crypto funding features;
- Launch a traditional brokerage execution business with a lead IIROC partner and then expand to other IIROC dealers; and
- Seek strategic acquisitions of crypto assets or related companies to compliment and grow existing business lines, while taking advantage of our strong financial position in a depressed crypto market.
“Despite a very difficult Q4 in crypto values, Netcoins continues to thrive. Our top line revenue continues to grow, and we welcomed our new online purchasing portal to the product family. We have taken tremendous steps in 2018, from a modest start of CAD $2 million monthly during Q1 to as high as CAD $10 million monthly revenues during 2018, building a solid foundation for 2019 and beyond,” said Netcoins CEO, Mark Binns. “Our revenue curve from Q1 to Q4 2018 demonstrates our value proposition, even in a bear market. 2019 holds tremendous opportunity for Netcoins on multiple fronts, including organic growth and potential strategic acquisitions. We look forward to providing more updates on our progress in 2019.”
About Netcoins
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. Netcoins enables crypto transactions via 171,000+ retail locations globally, a self serve crypto purchase portal and an Over-The-Counter (OTC) trading desk.
ON BEHALF OF THE BOARD OF DIRECTORS
“Mark Binns”
Mark Binns
CEO and Director
For Investor Relations Inquiries please contact Netcoins at 778.785.1175 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.