DigitalX reports record-smashing $8M first half profits

Published at Mar 1, 2018, in Technology

Blockchain and cryptocurrency innovator, DigitalX (ASX:DCC), this week reported a record net profit after tax (NPAT) of US$8 million for the six months to 31 December, 2017.

DCC managing director, Leigh Travers, said revenues were primarily driven by blockchain and ICO consulting and advisory fees, as well as gains in the value of digital assets held by the company.

DCC is a blockchain technology company with offices in Perth and New York. The company provides ICO advisory services, blockchain consulting services, and blockchain-related software development. It’s also the only publicly listed blockchain corporate advisory firm in the world.

These pleasing results crystallise DCC’s position as a leading global figure in the blockchain, crypto and ICO advisory space.

“For all involved at DigitalX, these results represent the outcome of significant effort over the past 12 months,” said Travers. “They reflect the company’s growing expertise in the blockchain and digital currency ecosystems.”

During the first half of the year, DCC provided consulting services to a cluster of high-profile ICOs including Power Ledger, Bankera and Etherparty.

Travers noted: “DigitalX consulted to blockchain companies around the world that collectively raised more than AU$300 million during the period. We are pleased to have played an important role in the emergence of ICOs as a mechanism for raising capital for new and exciting technologies.”

“As such, we are excited to be part of the ongoing discussion of the role of ICOs as a compliant capital raising alternative for these technologies.”

The Power Ledger appointment transpired in Australia’s first major ICO, with more than AUD$34 million worth of Power Ledger tokens (POWR) sold.

Further to that, Bankera successfully closed the largest pre-ICO raising in history, with €25m raised through the sale of 2.5 Billion Bankers tokens (BNK) at €0.01 apiece.

Encouragingly, DCC also recorded an increase in the value of its digital assets after the price of cryptocurrencies such as Bitcoin rose to record levels in December.

“We have capitalised on the strength of our technical talent, industry experience and cryptocurrency network to provide high level consulting services to new blockchain companies seeking advice in this rapidly evolving industry,” said Travers.

It should be noted, however, that this is an early stage tech company and success is no guarantee. Investors should seek professional financial advice before making an investment.

DCC maintains a strong focus on compliance and developing a recognised presence as a thought leader in crypto and blockchain technology applications. As announced last week, DCC’s most recent blockchain consultancy appointment is for Transcendence Technologies (ASX:TTL).

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