RATE Group | Online Blockchain PLC swings to a loss after cryptocurrency prices dive
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Online Blockchain PLC swings to a loss after cryptocurrency prices dive

13 Nov Online Blockchain PLC swings to a loss after cryptocurrency prices dive

Posted at 06:54h in Cryptocurrency News by

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Digital coin developer () swung to a loss last year as the value of cryptocurrencies fell sharply.


Bitcoin, probably the most well-known cryptocurrency, peaked at almost US$20,000 last December but fell back to under US$3,000 in June.


Online Blockchain developed six coins​


It has since recovered slightly although it still trades significantly below its all-time highs of around US$6,400.


Online Blockchain recorded a loss of £258,000 for the 12 months ended June 30 2018, compared with a profit of £20,000 for the year before. Revenue plunged to £56,000 (2017: £98,000).


“In 2018, the Blockchain bubble burst and the market price for Crypto-assets has fallen back a long way,” said chief executive Clement Chambers.


“While this is undoubtably disappointing in the short term, we firmly believe Blockchain technology has a huge future.”


Online Blockchain, which was known as until last December, has developed six coins, including…

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