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12 Nov 2018 | 08:19

Online Blockchain swings to loss after crypto market rout

Block-chain project developer Online Blockchain swung to an annual loss amid a recent rout in global crypto-currency markets.

Pre-tax losses for the year through June amounted to £188k, compared to profits of £62k on-year.

'In 2018, the blockchain bubble burst and the market price for crypto-assets has fallen back a long way. While this is undoubtably disappointing in the short term, we firmly believe blockchain technology has a huge future,' chief executive Clement Chambers said.

'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.'

At 8:19am: (LON:OBC) Online Blockchain Plc Ord 5p share price was -5.5p at 22p

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