CoinSmart Announces Q1 2022 Financial Results

TORONTO, May 16, 2022 /CNW/ – CoinSmart Financial Inc. (“CoinSmart” or “CFI”) (NEO: SMRT) (FSE: IIR), a leading Canadian headquartered crypto asset trading platform, announces the release of its condensed interim consolidated financial statements for the three months ended March 31, 2022 and related management discussion and analysis. This can also be found on CoinSmart’s Investor website at and SEDAR at

CoinSmart 2022 Highlights¹:

  • Q1 2022 gross revenue reached $4.2MM growing 15% YoY
  • Over the counter trading volume reached $113MM growing 89 % YoY
  • Registered users reached over 216,000 growing 191% YoY
  • Assets Under Management (AUM) reached $74.8MM growing 99.5% YoY
  • Company treasury reached approximately $19MM
  • No debt

Other CoinSmart 2022 Corporate Highlights

  • Acquired over 33,700 new registered users
  • Outperformed overall crypto market by ~9% from Q4 2021 to Q1 2022 (Top 10 crypto exchange trading volume declined by ~37.7%², CoinSmart retail trading volume declined by ~29%)
  • Expanded retail and over the counter trading to additional European countries
  • Launched an API for SmartPay as well as an SDK to make implementation easy for developers. SmartPay is a robust crypto payments processing and invoicing platform
  • Launched new iOS and Android mobile apps


CoinSmart CEO Justin Hartzman commented:

“2021 was a very exciting year for CoinSmart. Even though we were navigating a new ‘normal’ and COVID continued to play a big part in our everyday lives, we saw an increased demand for crypto and its adoption worldwide. Rather than taking a backseat and waiting for things to fall in place naturally, we embraced innovation head first. We quadrupled the business and strengthened our balance sheet. We received our restricted dealer and marketplace registrations and entered the public markets all while remaining profitable. It is a testament to the incredible team that I have built at CoinSmart, and I look forward to sharing our progress with you in the coming months. I am extremely proud of what we have accomplished in 2021 and you will see much more coming from us in 2022. Let the trend be your friend!”

About CoinSmart Financial Inc.


CoinSmart is a leading Canadian-headquartered crypto asset trading platform dedicated to providing customers with an intuitive way for buying and selling digital assets, like Bitcoin and Ethereum. CoinSmart is one of the few crypto asset trading platforms in Canada to be registered as a securities dealer and marketplace with the Ontario Securities Commission. CoinSmart is also one of the first Canadian headquartered trading platforms to have an international presence, accepting customers across 40+ countries at a time when the digital asset industry continues to rapidly expand.

CoinSmart further builds on its mission to make cryptocurrency accessible by providing educational resources tailored to every level of cryptocurrency knowledge and excellent customer support. Offering instant verification, industry leading cold wallet storage, advanced charting with order book functionality and over-the-counter premium services, CoinSmart ensures every client’s needs are met with the highest level of quality and care.

1 All figures are preliminary, unaudited and subject to final adjustment.
Coingecko Q1 2022 Cryptocurrency Report