CoinSmart Announces Increase in Key Performance Metrics
TORONTO, Feb. 7, 2022 /CNW/ - CoinSmart Financial Inc. ("CoinSmart" or the "Company") one of Canada's leading crypto asset trading platforms, today announced that despite a sustained period of risk-off selling across the digital asset market over the past few months, the company has experienced large percentage increases in a number of key growth metrics in Q4 2021 compared to Q3 2021.
The platform saw an overall retail and OTC volume increase of 52.6% from Q3 2021 to Q4 2021 as well as an increase in registered users of 10.6% during the same timeframe. OTC revenues rose by 124.47% in Q4 2021 compared to Q3 2021, and CAD ETH trading volumes saw an increase of 55.56%. This is an indication that CoinSmart's business model is well-suited to periods of market volatility in the overall crypto market.
"We started CoinSmart with the mission to open up digital asset investing to all Canadians, with a platform specifically designed to provide a transparent and secure investing environment," said Justin Hartzman, co-founder and CEO of CoinSmart. "The numbers we are reporting today highlight CoinSmart's robustness to the overall market even during periods of significant volatility. For a trading platform such as ours, providing our users with access to liquidity during periods of market volatility is the key to success, and CoinSmart is well positioned to continue to thrive during such volatility, whether from sell-side or buy-side price action."
CoinSmart also recently announced a multi-year sponsorship agreement with the Canadian Hockey League (CHL) to be their official Crypto Trading Partner sponsor across the CHL's three member leagues (OHL, WHL, QMJHL). Year 1 of the multi-year deal will see CoinSmart premium branding and signage displayed in and around rinks across multiple teams this season including in-ice logos across all CHL major events. The following seasons will see CoinSmart branding extended to 24 teams across all three leagues.
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/.
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Cautionary Note Regarding Forward-Looking Information and Other Disclosures
This press release contains statements that constitute "forward-looking information" ("forward-looking information") within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking information and are based on expectations, estimates and projections as at the date of this news release. Any statement that discusses predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information. In disclosing the forward-looking information contained in this news release, the Company has made certain assumptions. Although the Company believes that the expectations reflected in such forward-looking information are reasonable, it can give no assurance that the expectations of any forward-looking information will prove to be correct. Known and unknown risks, uncertainties, and other factors may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information. Such factors include but are not limited to: regulatory approvals. Accordingly, readers should not place undue reliance on the forward-looking information contained in this news release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking information to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking information or otherwise.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the U.S. Securities Act or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
SOURCE CoinSmart
