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Online Blockchain swings to a loss after cryptocurrency prices dive

The Blockchain bubble burst earlier this year, which chief executive Clement Chambers said was “undoubtedly disappointing” for his company

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Online Blockchain was set up by the two founders of ADVFN, Clem Chambers and Michael Hodges

Digital coin developer Online Blockchain PLC (LON:OBC) 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 On-Line PLC until last December, has developed six coins, including PlusOne, which is used by ADVFN to reward audience retention. Its price has jumped to 9 cents from its May lows of 2 cents.

Shares were down 17.3% to 22.8p in mid-morning trade.

Quick facts: Online Blockchain PLC

Price: 19.5 GBX

AIM:OBC
Market: AIM
Market Cap: £1.69 m
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