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Crypto Trust Strong Despite Bear Market According to Survey

Despite the ongoing crypto winter, global trust in crypto remains unshakable, with countries like the US showing more trust in crypto in the second quarter.

Despite the ongoing crypto winter, global trust in crypto remains unshakable, with countries like the US showing more trust in crypto in the second quarter. In a new survey from Bitstamp exchange which included 28,000 retail and institutional investors from 23 countries, the proportion of retail investors worldwide who believe cryptocurrencies are trustworthy decreased slightly from 61% in the first quarter to 65% in the second quarter of 2022. The survey reported a similar trend among investors institutional investors, with 67% of respondents rating crypto as trustworthy in Q2 versus 70% in Q1. According to Bitstamp CEO JB Graftieaux, institutional and individual investors will both have the chance to build over the crypto winter which is good news for WonderFi Technologies, Bit Digital Inc., Bitfarms Ltd., Coinbase Global, Inc., and Hive Blockchain Technologies.

WonderFi Technologies is a leading technology company on a mission to increase access to digital assets through centralized and decentralized compliance platforms.

WonderFi announced that it has signed a legally binding agreement to buy all of the issued and outstanding shares of Blockchain Foundry Inc. (BCF), one of the top North American blockchain development firms.

“This acquisition further solidifies WonderFi as the Canadian leader in the digital asset space. BCF is on a great trajectory with a diverse set of intellectual property, brand partnerships, and a revenue-generating track record,” said WonderFi CEO Ben Samaroo. “The current economic conditions in the crypto market have made it attractive for WonderFi to be able to acquire companies like BCF, which carry the potential to complement our core operating crypto asset trading platforms Bitbuy and Coinberry, while also adding cash, liquid digital assets, and a portfolio of private emerging crypto investments to WonderFi’s balance sheet.”

BCF disclosed $1.67 million in revenue for the 15 months that ended on March 31, 2022, and $7.24 million in cash and liquid digital assets, in addition to a $500,000 portfolio of private emergent crypto investments, as of June 30, 2022.

LastKnown, a platform for minting non-fungible tokens (NFTs) and a marketplace for original artists and NFT drops, was introduced by BCF in January 2022. Through the site, BCF has released three collections from a variety of honorable mention artists.

In May 2022, BCF unveiled a beta version of Metacademy, an educational learning platform that emphasizes practical instruction in a user-friendly setting. Among other things, Metacademy teaches users how to set up a cryptocurrency wallet, mint, buy, and sell NFTs, distinguish between Web2 and Web3, and comprehend the metaverse.

During the third quarter, WonderFi successfully integrated the acquisition of Bitbuy, acquired Coinberry and was listed on the Toronto Stock Exchange.

For the three and nine months ending June 30, 2022, revenues were $2.9 million and $3.2 million, respectively, as opposed to nil for the corresponding three and nine months ending 2021. WonderFi also reported $356 million in total assets, including $15 million in cash, $5.6 million in crypto assets and inventory and $187 million of assets under custody for customers

For more information about WonderFi Technologies Inc, click here.

Crypto Companies Financial Results Impacted by Lower Crypto Prices

Digital asset mining company Bit Digital Inc. announced on August 18 that it has selected Nine Blocks Capital Management SEZC Limited as part of its asset management function to improve cash flow. Nine Blocks is an institution-focused digital asset manager that manages a market-neutral digital asset fund for allocation. The selection includes direct investment in the Nine Blocks Master Fund, a market-neutral fund for digital assets using basic, relative value and special situations trading strategies. To improve its cash management process, Bit Digital has explored various options, including allocating to market-neutral digital asset managers who can not only provide alpha regardless of market conditions but also comply with the institutional and operational due diligence requirements of a publicly traded company.

Global Bitcoin self-mining company Bitfarms Ltd. reported that its financial results for Q2 2022 were significantly impacted by the quarter’s drop in the market price of bitcoin. From Q2 2021, total revenue climbed by 14% to $42 million. In comparison to a net loss of $4 million and an overall loss of $9 million in Q2 2021, the net loss in Q2 2022 was $142 million. Compared to $24 million, or 65% of revenue, in Q2 2021 and $21 million, or 53% of revenue, in Q1 2022, adjusted EBITDA was $19 million, or 45% of revenue.

Coinbase Global, Inc. said in its shareholder letter that the decline in crypto asset prices significantly impacted its second quarter financial results, which were in line with the outlook provided in May. Net revenue was $803 million, down 31% compared to Q1, due to lower transaction volume. Total operating expenses were $1.9 billion, up 8% compared to Q1. Net loss was $1.1 billion and was heavily impacted by non-cash items impairment charges. Without non-cash impairment charges, the net loss would have been $647 million. Adjusted EBITDA was negative $151 million. Despite the continued market weakness, Coinbase served 9.0 million MTUs in the second quarter, a decrease of 0.2 million or 2% from Q1. Total trading volume fell to $217 billion, down 30% from the first quarter.

For Q1 2022, Hive Blockchain reported digital currency mining revenue of $44.2 million, an increase of approximately 13% over the prior year, primarily due to increased Bitcoin production due to facility acquisitions in Quebec and Atlantic (New Brunswick), in addition to expansions of the company’s flagship European operation in Boden, Sweden. The net loss in the quarter amounted to $95.3 million, a loss of $1.16 per share, compared to net income of $23.5 million, or $0.31 per share, for the same period last year.

The management team and board of WonderFi have a well-established background in finance and cryptocurrency, having worked previously at companies like Amazon, Shopify, PayPal, Galaxy Digital, and Hut 8.


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Name: Jonathan Wong
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Organization: PressReach
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Source: PressCable

Release ID: 89081384

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