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Summary
- BIGG Digital Assets Inc. (CSE:BIGG) invests, operates and owns cryptocurrency business.
- BIGG stock has witnessed stellar growth over the past one year.
- The increasing acceptance of cryptocurrency is a driving force behind blockchain technology's growth.
Over the years, blockchain has risen to prominence and it is considered a promising technology in the information technology sector. The increasing acceptance of cryptocurrency is driving an exponential growth.
The blockchain technology market size was valued at around US$ 3.7 billion in 2020 and is expected to witness a compound annual growth rate of 82.4 per cent by 2028, according to a research firm Grand View Research report. As China continues its crackdown on the crypto mining operations, North American countries are expected to become the new cryptocurrency hub, and existing companies in this sector might benefit from it.
On that note, we are exploring the stock of BIGG Digital Assets Inc. (CSE:BIGG), a company that invests, operates and owns cryptocurrency business. It has two major business operations- selling, buying, and educating people about cryptocurrencies through its subsidiary Netcoins and Blockchain Intelligence Group (BIG). Netcoins is an online cryptocurrency brokerage outlet while BIG explores blockchain technology search, risk-scoring and data analytics solutions.
BIGG stock had a stellar growth as it skyrocketed by 1100 per cent in the last twelve months and had even touched a 52-week high of C$ 5.05 per share on April 14, 2021. In the recent past, BIGG shares returned 26.6 per cent in the past week and about 218 per cent year-to-date (YTD).
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Does Bigg Digital (CSE:BIGG) stock have a growth potential?
The Vancouver-based company announced on July 20, 2021, that it had achieved second quarterly revenue of C$ 4.6 million, of which C$ 4.2 million revenue was from Netcoins, representing a stellar growth of 1900 per cent year-over-year (YoY) and 26 per cent quarter-over-quarter (QoQ).
As the company's maximum revenues are from Netcoins, it seems that BIGG Digital assets will capitalize on the increasing popularity of this subsidiary. Netcoins' active users increased to 19,000 during the second quarter of this year, up by 1880 per cent YoY. In addition, the registered users crossed 80,000.
In terms of individual transactions, BIGG Digital recorded a growth of 1400 per cent YoY in Q2 2021. If the company continues to maintain the stellar growth momentum, BIGG Digital might emerge as one of the leading blockchain technology companies in Canada.
Earlier this week, the company announced a strategic investment of US$200,0000 in crypto tax software ZenLedger.
