Blockchain

Research group vows to keep spending on projects despite posting losses

London Stock Exchange

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.”

Darren Parkin

Darren Parkin is a highly experienced, award-winning editor with a background in daily newspapers. Once the UK’s youngest newspaper editor, he has spent more than three decades as a journalist, presenter and broadcaster. He was one of the first people to join the Coin Rivet team, and can often be found hosting, chairing or moderating cryptocurrency and blockchain events throughout the world. Away from the office, he is an outdoors instructor and adventurer. He recently set a world endurance record during a canoe expedition.