OKG Technology Holdings, the parent company of crypto exchange OKEx, suffered an 89.8% year-on-year slump in revenue from operating Ethereum stablecoin USDK, its FY 2021 annual report shows.
- Its USDK revenue was just HK$159,000 (US$20,470). Currently, USDK, which launched in 2019, has a market cap of US$28.68 million and a circulating supply of US$28.6 million.
- According to the annual report, OKG’s money lending business income declined 24.2% from last year, dropping to HK$4.3 million, including in its Bitcoin and stablecoin lending business.
- OKG’s total revenue dropped 20.6% from the previous year to HK$453 million, and its total comprehensive loss for the year increased by 45.3% to HK$926 million.
- OKG’s trust business, newly opened in 2020, was profitable, with an income of just under HK$1.4 million.
- Its technical services revenue rose 14.9% to HK$28.1 million on the back of technology development and IT infrastructure service.
- The annual report includes financial data until March 31, 2021. China has been cracking down on cryptocurrency mining since early March.