GlobalBlock Digital Asset Trading Ltd reveals positive business and trading app update

GlobalBlock Digital Asset Trading Ltd (TSX-V:BLOK, OTC:BLVDF) has announced that the launch of its mobile trading app in late July 2022, on both Apple’s App store and Google’s Play store, has begun to yield significant new client sign- ups for the company’s wholly-owned operating GlobalBlock Europe, UAB (GBE) subsidiary, a digital asset broker.

The provider of personalized telephone brokerage service, trading platform and mobile app for cryptocurrencies said 1,288 downloads were registered during August 2022, and GBE has doubled its existing client base.

The conversion rate of people who downloaded and proceeded to fully KYC (Know Your Customer) completed clients is 9% and the rate of download to registration is 26%, according to a statement.

READ: GlobalBlock Digital Asset Trading says GlobalBlock Europe (GBE) subsidiary has successfully launched its new mobile trading app

“Our first month rate of 26% should be a floor as we hone our engagement practices. GlobalBlock’s brand recognition is clearly having a positive effect in the face of significant general market weakness,” GlobalBlock CEO Rufus Round told shareholders.

“We have used current market conditions to get our heads down, increase the company’s IP (intellectual property), streamline our cost base, grow the client base, and prepare for the next up-swing,” Round added.

The company said it believes the conversion metrics are higher than comparable industry averages.

As well, GlobalBlock reported that during this year’s industry-wide consolidation, GBE has also managed to reduce its cost base following the successful completion of its operational migration to GBE in Lithuania.

The company added that it has also significantly grown its IP, through both the development of the mobile trading app and the development of a proprietary data system, the ‘GlobalBlock Engine’, saying the data engine will drive reporting efficiencies as well as streamline the integration of new products and partners.

Established in 2018 by an experienced team of financial services professionals, GlobalBlock Digital Asset Trading Limited acts as a trusted agent serving the digital asset needs of individuals, corporates, institutional financial firms and intermediaries, providing the best execution trading and safe custody of digital assets.

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