NEO-listed owner of digital asset trading platforms, The INX Digital Company recently released its financial results for the first quarter ended 31 March 2022. With a total of 17,674, the company saw a sharp surge in the number of new registrations.
The reserve fund was maintained at $36 million. For the reported period, cash and cash equivalent touched $46.6 million. According to the details shared by the company, it was able to accomplish the targeted goals for the first quarter of 2022.
However, despite growth in some areas, the company saw an adjusted net loss during the first quarter of 2022.
“On the headline, INX reports quarterly net income of $111.5MM. However, this number includes a marked-to-market accounting liability to INX Token holders of $118MM and a token warrant liability of $3.7MM. In addition, the amount includes $2.6MM of share-based payments . It also includes a one-time cost of $5.9MM associated with the reverse takeover transaction, as a result of which the Company was listed on the NEO Canadian Exchange (listed on Jan 24th, 2022, NEO: INXD),” the company noted.
Guidance
For the second quarter of 2022, The INX Digital Company is expecting a decent jump in the total number of new registrations. Additionally, the firm is planning to expand its partnerships to take advantage of the growing popularity of digital assets around the world.
“The INX community has grown significantly as both token and equity holders join us in implementing our vision of a digital future. With multiple new hirings and considerable updates to our technology and capabilities, we continue to execute the objectives we have committed to and fulfill our mission of pioneering a new tokenized economy," Shy Datika, the Chief Executive Officer of The INX Digital Company, commented on the recent results.
