TORONTO, Nov. 15, 2022 /CNW/ - CoinSmart Financial Inc. ("CoinSmart" or "CFI") (NEO: SMRT) (FSE: IIR), a leading Canadian headquartered crypto asset trading platform, announces the release of its condensed interim consolidated financial statements for the three months ended September 30,2022 and related management discussion and analysis. These documents will be posted on CoinSmart's website at www.coinsmart.com/invest and SEDAR at www.sedar.com.

CoinSmart Financial Inc. (CNW Group/CoinSmart)

CoinSmart's Q3 2022 Highlights1:

  • Q3 2022 Gross Revenue reached $2.35MM decreasing 25% YoY
  • Acquired over 26,000 new registered users during the period
  • Company Treasury reached approximately $10MM
  • No Long-Term Debt

Other CoinSmart Q3 2022 Corporate Highlights

  • CoinSmart Announces Acquisition by Coinsquare, Creating one of Canada's Largest Crypto Asset Trading Platforms.
  • CoinSmart's SmartPay Division grew 230% YoY.
  • Acquired over 26,000 new registered users during the period.
  • Participated in the Futurist Conference with a CoinSmart booth conducting product demonstrations to the industry.

CoinSmart CEO Justin Hartzman commented:

"In Q3 markets followed the overall macro trend and showed slight growth in the total market capitalization. Our team continues to execute our plan of focusing on product lines that are market agnostic with the highest margins and preserving treasury while enhancing our product for the next bull run. Q3 was highlighted by the announcement that Coinsquare will be acquiring the assets of our subsidiary Simply Digital Technologies Inc. which operates CoinSmart.com. Together we will have over 1MM users and a diversified product suite of Retail, Institutional, Payment Processing, Custody and more. We are excited to close this transaction in Q4 pending regulatory and shareholder approval and working towards building a market leader in Canada and beyond."

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/. 

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, CoinSmart has made certain assumptions. Although CoinSmart 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, CoinSmart 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.

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1All figures are preliminary, unaudited and subject to final adjustment.

SOURCE CoinSmart

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