Blockchain company DigitalX posts record $10m first-half profit

Blockchain advisory firm DigitalX (ASX: DCC) has reported a record net profit after tax of $10.3 million for the first six months of FY18, driven by an increased interest in Blockchain tech.

DigitalX provides services such as consulting on Initial Coin Offerings (ICO) and the rapid rise of cryptocurrencies has driven increased demand.

"For all involved at DigitalX, these results represent the outcome of significant effort over the past 12 months," says MD Leigh Travers.

"They reflect the company's growing expertise in the Blockchain and digital currency ecosystems."

The company also reported revenues of $4.5 million for the half along with the net profit of $10.3 millio,n which was a big tunaround from the $1.28 million loss in the prior corresponding period.

During the first half, the listed company which Business News Australia named one of five Australian Blockchain companies to watch, provided consulting services to some high profile ICOs including Power Ledger, Bankera, and Etherparty.

"DigitalX consulted to Blockchain companies around the world that collectively raised more than $300 million during the period," says Travers.

"We are pleased to have played an important role in the emergence of ICOs as a mechanism for raising capital for new and exciting technologies."

The company also recorded an increase in the value of its digital assets after the price of cryptocurrencies such as Bitcoin rose to record levels in December.

"We have capitalised on the strength of our technical talent, industry experience and cryptocurrency network to provide high level consulting services to new Blockchain companies seeking advice in this rapidly evolving industry," says Travers.

Never miss a news update, subscribe here. Follow us on Facebook, LinkedIn, Instagram and Twitter.

Business News Australia