DigitalX Ltd (ASX: DCC) is a blockchain and cryptoasset finance company, mainly involved in providing financial, technical and investment services for the blockchain marketplace. The company’s aim is to establish itself as a leading blockchain corporate advisory and digital asset management firm globally.
The company is having a strategic focus on the token advisory services, blockchain consulting and development services, digital asset fund management services and CoinCast Media, a leading business news producer within the blockchain and cryptoasset ecosystem.
The company provides a range of advisory services to its clients, which includes coordinating with service providers for taxation advice, jurisdiction, legal and incorporation. The company also hosts roadshows and provide introductions to its international network of blockchain exchanges, advisory firms and institutional investors. The company is having a successful track record of advising projects that have successfully brought exciting blockchain technologies to the market.
DigitalX Ltd also provides various consulting services to its clients, which includes managing technical architecture and development of blockchain integration to the business. The company offers local technical support and security for the auditing of cryptoassets and provide guidance and education on the cryptoasset industry for senior level management. DigitalX recommends product roadmap and provides development services to deploy an initial PoC or Beta, as a part of its consulting services.
For the half-year period ended 31 December 2019, the company reported revenue of US$764,955, which was 78% lower than the previous corresponding period (pcp). For the half-year period, the company reported a loss of US$3.928 million as compared to a profit of US$8.0316 million in pcp, driven by lower revenues from token advisory which is consistent with the overall market trend for cryptoassets. On the balance sheet front, the company is having decent liquidity position as its current ratio stood at 22.05x in 1HFY19 which is higher than the industry median of 1.84x indicating that DCC is relatively well-positioned to meet its short-term obligations.
In November 2018, the company entered into an incorporated joint venture ‘DX Americas LLC’ to serve Security Token Offering (STO) market with US investment bank Americas Executions. The joint venture is involved in reviewing various international and local potential advisory and media clients for STOs. Further, the joint venture is building the pipeline of leads interested in advisory services required to successfully execute a STO. As the STO market matures over 2019, the company is well-positioned to provide services for any activity in cryptoassets.
Now, let’s have a glance at the company’s stock performance and the return it has posted over the past few months. The stock, at the time of writing (AEST 02:47 on 1st April 2019) was trading at a price of $0.047, up by 4.444% during the day’s trade with a market capitalisation of ~$22.99 million. The counter opened the day at $0.047 and reached the day’s high of $0.049 and touched a day’s low of $0.047 with a daily volume of more than 765,105. It had a 52-week high price of $0.220 and touched 52 weeks low of $0.043, with an average volume of ~1,335,071.
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