Coinify Aps

Development in activities and financial matters
Description of material changes in activities and development of the business The past accounting period saw several significant changes to Coinify’s business, with the Management Buy-out acquisition of Coinify by Ascension ApS from Voyager Digital LLC being the most significant event impacting the business. The acquisition was executed 17/08//2022 with substantial work leading up to it. Following the acquisition, Management implemented measures to align the business and cost structure with the evolving market conditions while ensuring continuity in both our Trade and Payment operations. The customer and partner response to the new ownership structure has been overwhelmingly positive, with many expressing their renewed trust and confidence in our ability to drive value and growth in the digital currency ecosystem. We are pleased to have emerged from the Voyager Digital LLC Chapter 11 process. During the reporting period, Management has been targeting break-even as the main target. Despite the loss during the financial period, Coinify has proven that the core business model can be very profitable under normal market conditions, and the management has - following the Management Buyout - worked on cost reduction initiatives and securing some of the largest financial institutions as customers. Development in activities and finances The financial year 2022 for Coinify ended with a loss of 9.252.107 DKK for the 6 month period; driven largely by the change in strategy from the fact that Voyager entered into Chapter 11. During H2 2022, Coinify saw a significant decrease in monthly volumes, primarily on the Trade business, in line with the overall crypto industry turbulence. In total, Coinify registered a 67 % decrease in volume compared to H2 2021. On a positive side Coinify payment product continued growing despite the market conditions, increasing by 21 %. Despite the loss during the financial period, Coinify has proven that the core business model can be very profitable under normal market conditions, and the management has - following the Management Buyout - worked on cost reduction initiatives and returned to the core strategy of Payments.