Vancouver, British Columbia--(Newsfile Corp. - March 4, 2021) - NetCents Technology Inc. (CSE: NC) (FSE: 26N) (OTCQB: NTTCF) ("NetCents" or the "Company"), a cryptocurrency payments company, announces transaction volume results for February 2021.
The Company processed over $6,700,000 in transaction volume in the month of February. This represents a decrease from January volume, but this was not unexpected due to the shorter month and February historically being a slower volume month for the Company. To date in March, the Company has already processed in excess of $1,600,000.
The Company continues to grow in other key metrics:
Average transaction value increased from $1,978 to $2,191
Over 700 new merchants signed to the platform in 2021
6 new partners signed in February
"These are exciting times at NetCents. We started 2021 with the strongest month in NetCents' history. These results demonstrate our plan of investing in industry-leading customer service and marketing is paying off," stated Clayton Moore, Founder and CEO of NetCents Technology. "Our performance proves our model is working and our business is solid - we have great people and products in place to chart continued growth in 2021. In a highly dynamic environment, what we are doing is working. As we continue to execute on our strategic priorities, we believe we are well-positioned to deliver sustainable growth over the long term."
Additionally, with the appreciation of Bitcoin throughout February, the Company experienced a decrease in Bitcoin transactions and an increase in transactions using other cryptocurrencies like Ethereum and Litecoin. Historically, when the price of Bitcoin rapidly increases, it becomes an appreciating asset rather than a transactional currency.
"I've always said that ultimately, Bitcoin will not be the cryptocurrency of choice for payments online. It will grow into the asset it is becoming and merchant processing will ultimately be another cryptocurrency specifically designed for online transactions," stated Mr. Moore. "Whether that is a currency like Ethereum or Litecoin or a government digital currency. As we continue to grow and gain dominant market share, we will continue to monitor and evolve with the current landscape and help to guide this transition with our deep integration into the traditional payment space."
"As we enter 2021, we see a lot of momentum carrying over from 2020," added Mr. Moore. "Our success reflects our market-leading position and the size of our aspirations as we accelerate in our mission to empower merchants to expand their customer and revenue base. We are firing on all cylinders, and sales velocity is continuing. I have never felt more confident about our business prospects."
The Company is experiencing significant inbound inquiries from merchants for the first time. The automated marketing processes are working and NetCents has been expanding their internal resources to manage the growth. NetCents is continually enhancing their systems and platform as well as developing the technologies to support its Credit Card rollout, Non-Fungible Token functionality, and the other exchange and banking programs discussed in 2020. Management is very excited that the growth of transaction volume continues to get the Company closer to breakeven on an operational basis. The Company will continue to deploy capital to build the technologies that will facilitate the "one-stop-shop" capability that it strives to achieve for the mainstream consumer.
"The recent research published on Cryptocurrency by Citibank1 echoes what we have been saying all along, crypto and blockchain is a superior way to execute, confirm and secure any financial transaction. We are looking forward to extending our lead with a massive intellectual property portfolio that becomes more valuable as established players seek partnerships that will allow them to try and catch up to where we are," concluded Mr. Moore.
NetCents Technology Inc, the transactional hub for all cryptocurrency payments, equips forward-thinking businesses with the technology to seamlessly integrate cryptocurrency processing into their payment model without taking on the risk or volatility of the crypto market. NetCents Technology is registered as a Money Services Business (MSB) with FINTRAC.
On Behalf of the Board of Directors
NetCents Technology Inc.
Clayton Moore, CEO, Founder and Director
NetCents Technology Inc.
1000 - 1021 West Hastings Street
Vancouver, BC, V6E 0C3
Cautionary Note Regarding Forward-Looking Information
This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include regulatory actions, market prices, and continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates, and opinions of the Company's management on the date the statements are made. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.
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