financemagnates.com
Canadian-headquartered crypto asset trading platform, CoinSmart today published its financial results for the third quarter of 2021 (Q3 2021). During the quarter ended 30 September 2021, revenues reached $3.27 MM, which is 238% higher compared to the same period last year.
The company saw a substantial increase in the total number of clients in Q3 2021. Daily active users spiked 651% YoY. On the other hand, CoinSmart’s registered users reached 150,353, an increase of 692% compared to the same period in 2020.
In terms of retail trading volume, the number jumped by 1717% YoY in Q3 2021. The total assets under management (AUM) touched $65MM. CoinSmart also highlighted its global expansion in the recent announcement.
“Q3 2021 continued to show growth in the digital asset space with new entrants and improved on-chain metrics. Q3 2021 did bring an industry-wide decrease in global trading volume of 40% however CoinSmart’s trading volume decreased by only 23%. Q4 2021 has begun with a significant increase in global trading volume with the crypto assets market cap reaching a new all-time high,” Justin Hartzman, CEO of CoinSmart, said.
Product Enhancements
During the quarter ended 30 September 2021, the company expanded its products and services to meet the growing crypto demand. CoinSmart launched its retail trading platform in Europe. Moreover, the firm introduced the Beta version of the new compliance dashboard and monitoring tools.
“CoinSmart is working on a number of product enhancements as well as further geographic expansion. We will provide additional details on these initiatives in a timely manner. With new additions to our team in legal, product, and marketing we are poised for further growth in Q4 2021 and beyond,” Hartzman added.
CoinSmart is one of the few digital assets trading platforms in Canada to be registered as a securities dealer with the Ontario Securities Commission. The company is offering services in various digital currencies including BTC and ETH to clients in more than 40 countries.