BC Group, a technology and digital asset trading company, reported its annual figures on Tuesday, showing a 737 percent increase in the year-on-year crypto revenue.
In numbers, the digital asset platform has generated RMB 72 million (around $10.15 million) in 2019, while the reported figures for 2018 only stood at RMB 9 million (almost $1.27 million).
Based in Hong Kong, BC Group offers an array of digital asset-based services, including brokerage services, automated trading, and institutional crypto custody services, along with software-as-a-service (SaaS) solutions under the OSL brand.
The total revenue for the company touched RMB 165 million ($23.6 million) last year – a 14 percent increase from the previous year.
The company highlighted that the OSL platform generated 44 percent of its total revenue last year, compared to merely 9 percent a year before.
“Our strong performance is a testament to our core commitment to security, risk management, compliance and licensing as well as accelerated business development and sales efforts,” Hugh Madden, chief executive of BC Group, said.
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A proportional increase in customers
The increasing revenue followed a growing number of customers on the OSL platform as it spiked by 254 percent.
The company pointed out that the SaaS product is the newest to its list of offerings and already added ten customers, including an unnamed major regional bank.
“With the rapid growth of BC Group’s OSL digital asset platform, we have become Asia’s premier institutional gateway to global digital asset capital markets,” Madden added.
Despite the big numbers, the group recorded a net loss of RMB 245 million in its books due to “a reduction in revenue and gross profit from advertising and business park area management services and an increase in expenditure for the expansion of operations for the digital assets and blockchain platform business.”
Founded in 2003, BC Group shifted its focus on digital assets in recent years with the boom in the nascent industry.
Earlier this year, it banked $36 million in funding with share placement.