DigitalX Ltd (ASX:DCC), a technology company specialising in blockchain application development and digital asset management services, today announced its securities will be placed in trading halt at the request of company, pending it releasing an announcement.
Unless ASX decides otherwise, the securities will remain in trading halt until the earlier of the commencement of normal trading on Tuesday, 24 November 2020, or when the announcement is released to the market. The halt is requested pending an announcement in relation to the launch of the company’s first Regtech application for financial exchange participants.
Let’s recall that for the year to June 30, 2020 the company posted a consolidated loss attributable to members of the Group of US$4,707,851 (2019: loss of US$2,524,151).
Following a disappointing first half loss, DigitalX underwent a strategic review that led to significant cost reductions. Post the strategic review, DigitalX focused on advancing the digital assets funds management division and blockchain technology development. Operational expenditure was reduced in FY20 by 41% from $4.9 million to $2.9 million.
DigitalX continued to closely monitor distributed ledger technology (DLT) opportunities around the transformational development of a large critical national financial market infrastructure replacement project. The Company formed an internal innovation working group to research, identify and validate potential product offerings for leveraging future data improvements and DLT benefits. The Group has prioritised the development of a regulatory technology (RegTech) business, which is currently being tested with potential customers responsible for corporate governance at Australian publicly listed companies.