Online Blockchain swings to a loss as crypto bubble bursts

Online Blockchain swung to a loss in its last financial year amid a rout in global crypto-currency markets.

The AIM-listed blockchain developer turned in a pre-tax loss of £188,000 - a marked turnaround from the £62,000 profit recorded a year earlier, as turnover shrank 42% to £56,000.

Online Blockchain said the blockchain bubble had "burst", taking the market price for crypto-assets back a long way.

"While this is undoubtedly disappointing in the short term, we firmly believe blockchain technology has a huge future," said chief executive Clement Chambers.

"We think that eventually Blockchain will be a giant industry and we are building a business to grow into this once-in-a-generation opportunity."

Operating costs remained "reasonably fixed and predictable", with Online Blockchain noting that it did not expect to see any changes in its outgoings in the immediate future.

As of 1110 GMT, Online Blockchain shares had crashed 17.27% to 22.75p.