The Swedish crypto trading site Quickbit has fallen on the stock exchange by 81 percent in the last three years.
The company offers fast services for users to exchange money for digital currencies such as Bitcoin and Ethereum.
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Bitcoin is gaining ground
Bitcoin value is rising on the crypto exchanges and this week reached the 57,000 dollar mark. It has News24 written about before. But exactly the same happy numbers do not apply to Quickbit themselves.
Now suddenly Bitcoin rises above 50,000 dollars – but why?
Quickbit: Like a yo-yo
Since the turn of the year, Quickbit has recovered somewhat, from a very low listing. Between August and December, the share price hovered well below a krone.
That’s a strikingly low level compared to the 17 kroner per share that Quickbit traded for in April 2021, which was the most recent peak before race after race hit the crypto company.
This is evident from Avanzas stock market pages.
Politician Daniel Sonesson in charge
Since then it hasn’t gotten any better.
The company’s CEO is called Daniel Sonessonand since October he is also the party leader of the small party Medborgerlig Samling.
Fallow loss after fallow loss
The latest quarterly report breaking the 2023/2024 financial year showed a fallow loss. Turnover fell by 94 percent to just 4.1 million euros, compared to 68 million euros in the same period a year ago.
The company has previously said that competition and unrest in the outside world led to problems in getting the company to take off.
But that is not the whole explanation. In an interview with The business world says Daniel Sonesson like this:
– A large part of the reason was because it was noticed that there were problems with the previous transaction structure. Much indicated that the revenue in that transaction structure was at risk of falling and it was felt that there were no solutions to manage it or be able to extend that transaction structure, says Daniel Sonesson to Affärsvärlden.
With the previous transaction structure, which he says here three times in the same quote, it must be assumed that he is referring to the subsidiary in Gibraltar – which has had problems with the equivalent of the Financial Supervisory Authority in the country. The company has been prohibited from continuing its operations:
“In light of certain regulatory concerns, Quickbit Limited has been placed under restrictions that prevent them from taking on any new business transactions or clients, until further notice,” the Gibraltar Financial Services Commission, GFSC, wrote in a statement.
The CEO blames something else
In January, the company in Gibraltar was shut down.
“The operations in Gibraltar are considered […] no longer necessary for the organization that Quickbit needs for future market processing,” writes Sonesson in a press release.
But it is claimed that the food ban from the GFSC was not the basis for the decision:
“…GFSC’s decision to revoke the local registration [påverkar inte] Gibraltar Quickbit’s operations,” the company writes in the press release.
In a press release on February 28, Quickbit announces that it is writing up expectations for the next report.
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