Mind + Machines Group has released an update on their trading for the beginning of 2019, which, most notably, has featured a 38% increase in domain registrations to 1.84 million year-on-year with steady growth.
The company reported that billings are also up, a significant 129% year-on-year, as a result of the first time ICM contribution and a notable increase in billings in China, which went up over 40%.
The surge in billing has been propelled by .luxe registrations and continuing .vip sales. The group’s .law and US portfolio also brought in encouraging numbers, up over 9% compared to the same period last year.
MMX directors also reported that ICM has completed its first annual renewals cycle on their main property, with renewal rates exceeding management expectations at 91%.
According to the group, these new registrations within ICM are reflective of “initiatives that have been put in place since ICM was acquired by the Company to drive new registrations and usage of ICM properties.”
MMX has also provided an update on the group’s integration of bitcoin into the .luxe R&D project.
The company has partnered with the lead developers of the Namecoin blockchain and XAYA platform to develop an “easy-to-use naming solution that will integrate human readable .luxe addresses with bitcoin alphanumeric addresses in a fully secure and decentralised fashion.”
This feature will allow uses to securely associate .luxe names with Ethereum alphanumeric addresses but also to bitcoin ones, such as their own bitcoin wallet. The company expects this new update to go live in H2 2019.
Lastly, the company also provided a report on their current cash position and loan repayment. At the end of 2018, MMX’s cash balances stood at $10.4 million. 2019 has seen that cash balance grow to $11.9 million by February 25th.
With this encouraging start to the year, the company believes “the entirety of the outstanding debt of $2.3 million under the London & Capital facility will be repaid early in March 2019, leaving the Company debt free.”
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