NBX will now focus on increasing revenue, seeking strategic collaboration and researching various opportunities to fund future growth.
Norwegian Crypto Exchange (NBX) Reports Loss after tax 8.62 million NOK in the fourth quarter, compared to a loss of NOK 5.49 million at the same time last year.
The result clearly shows that NBX is still in the development phase, with an emphasis on investing in long-term growth, the company wrote.
However, operating revenue rose to NOK 2.40 million from NOK 513,000.
The number of verified customers increased 115 percent from the third quarter to the fourth quarter, to a total of 18,000 customers. At the same time, 50,000 people registered on the NBX platform, up 69 percent from the previous quarter.
We continue to see strong growth for all of our user groups. The company writes that growth outside Norway is particularly noticeable.
Total volume on the NBX platform ended at 325 million NOK in the fourth quarter. For the whole of 2021, it was 1.25 billion, up from 90 million in 2020.
NBX is seeing a steady influx of new customers interested in it
The crypto economy. This trend continued into the first quarter, despite the general downturn in the crypto markets.
At the beginning of 2022, NBX will focus on increasing revenue. At the same time, the company is looking for strategic cooperation, with the possibility of acquisition, and various ways to finance future growth.
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Switch from Bitcoin to Ethereum
During the quarter, NBX saw a shift from Bitcoin to Ethereum, with the latter for the first time in NBX having the largest trading volume.
At the beginning of 2021, Bitcoin made up more than 90% of the NBX market. At the end of December, the stake was reduced to 38 percent. Ethereum started at 11 percent and ended the year at 45 percent.
ADA accounts for 10 percent of the market, and MATIC has grown to 5 percent after just two months of trading.
NBX is currently a trading place for buying, selling and storing cryptocurrency, but it has applied to Finanstilsynet to become the so-called electronic money companies To be able, among other things, to operate cryptocurrency payment services.
The company has not yet received a response from the audit, which means that the launch of some products, including a currency stacked against the Norwegian krone, has been delayed.
The Kjos family started cryptocurrency exchange in 2018. While Bjørn Kjos is the chairman, his son-in-law Stig Kjos-Mathisen is the managing director. The family is the largest owner of about 40 percent of the shares.
The company is valued at NOK 472 million on the Oslo Stock Exchange (Euronext Growth), after a 20 percent drop so far this year.
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