Helsinki, Finland, July 1, 2020 -- Today, LocalBitcoins announced financial results for 2019. The company posted an annual revenue of €26,2 million, an increase of 10 percent from 2018 and annual operating income of €17,6 million.
"2019 was an invaluable learning experience for us as we implemented anti-money laundering and know-your-customer (KYC) regulations", said Sebastian Sonntag, LocalBitcoins CEO. "As expected, undesired activity was driven away from the platform and the implementation of KYC itself was a challenging process. Despite these, we were able to deliver growth and excellent earnings."
|(in millions of euros)||2019||2018||YOY|
2019 Operational and Other Financial Highlights
- New Customers: 1,46 million new LocalBitcoin customers.
- Trade value: €2,48 billion worth trades in LocalBitcoins platform.
- Number of trades: 15,6 million trades.
- Number of active traders: 913 thousand active traders on LocalBitcoins platform.
Future Outlook -- CEO Sebastian Sonntag
Looking towards 2020 and beyond there are numerous reasons to be very optimistic. First, implementation of anti-money laundering and know-your-customer regulations have significantly reduced illicit activity on our platform making it more secure and trusted for our valued customers. Second, despite a few bumps on the road, LocalBitcoins has returned to its growth track, which has been a result of our relentless focus on improving customer satisfaction. Our customers also seem to be acknowledging our efforts, which can be seen from our TrustPilot score of 4,8 given by over 25 000 customers. We have managed to grow our daily new customer sign-ups with over 50% since early 2020 till today -- from around 4 000 new daily sign-ups to over 6 000 new daily sign-ups. The rapidly growing new customer numbers naturally are a sign of a healthy demand and great future potential for LocalBitcoins. However as said, change will take time and we need to stay humble and keep on serving our customers the best we can.
Founded in 2012, LocalBitcoins is the world's leading person-to-person bitcoin trading marketplace. Our mission is to promote financial inclusion by enabling people to buy, store, transfer and sell bitcoin in an easy, fast, and secure way — globally.