DigitalX announces US$2.5M annual profit

AvatarHeidi CuthbertAugust 31, 2018
2.5M annual profit announced by digitalX

Blockchain corporate advisory firm DigitalX has announced a full year profit of US$2.59m.

The Company is well positioned for future growth, with positive operating cash flows and total current assets of over US$11.5m. DigitalX generated operating revenues of over US$8 million in the full year, with the majority generated from the Company’s established service offerings of blockchain consulting and Initial Coin Offering (ICO)/ Security Token Offering (STO) advisory.

With DigitalX well-funded in the early part of the financial year, the management team focused on bringing new services to market to position the Company as the leading service provider for the blockchain and cryptoasset industry over the medium term.

“DigitalX has been growing its business operations to provide revenues to reduce the impact of digital asset fluctuations. We have a robust business in which our operating revenue is decoupled from the volatility of digital currency holdings,” said DigitalX CEO Leigh Travers.

The four service lines the group now operates are ICO/STO advisory, funds management, blockchain consulting and Coincast Media’s marketing and education arm.

“DigitalX has reversed a full year loss in 2017 to become a well-capitalised company that’s in a strong position to take advantage of the growth in cryptoassets,” said Mr Travers.Click To Tweet

DigitalX was appointed ICO advisor to projects that raised in excess of AU$500 million for domestic and international ICO projects during the financial year.

“DigitalX is becoming a globally trusted brand for delivering quality services, in addition to our network within the blockchain industry all over the world,” said Mr Travers.

During the year, DigitalX also launched its funds under management division and Coincast Media joint venture. The funds management personnel have had extensive engagement with prospective partners and regulators in two investment fund jurisdictions, Panama and Malta.

Coincast Media launched a weekly Blockchain TV show which airs on Sky News Business and is available on Apple TV.

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