One of the UK’s top blockchain research and developers – Online Blockchain Plc – has vowed to plough on with investments into its products, despite posting a loss upon closure of its financial year.
The London-based group, which has been making waves around innovation of cryptocurrency and decentralised ecosystems as well as mentoring a raft of crypto start-ups, saw it’s end-of-year drop 17% to 22.75p per share.
Company turnover is formed through recharges to ADVFN Plc (it possesses an 18% stake in ADVFN – a financial information site).
Online Blockchain Plc said it faced a loss of £188,000 to the end of June following a £62,000 profit in the previous year as revenue fell from £98,000 to £56,000.
A year-on-year increase in administrative expenses from £78,000 to £312,000 was largely responsible for the posted figures.
The group’s CEO – Clem Chambers – said investing in development would be fundamental towards achieving future growth in the business.
“In 2018, the blockchain bubble burst and the market price for crypto-assets has fallen back a long way,” he said.
“While this is undoubtedly disappointing in the short term, we firmly believe blockchain technology has a huge future.”