NetCents Technology Chooses Lightning Network to Enhance its Payments Backbone
Addition enables transactions at ludicrous speed
Vancouver, British Columbia--(Newsfile Corp. - February 6, 2020) - NetCents Technology Inc. (CSE: NC) (FSE: 26N) (OTCQB: NTTCF) ("NetCents" or the "Company"), a disruptive cryptocurrency payments technology solutions provider, is pleased to announce that it is integrating the Lightning Network into its cryptocurrency merchant gateway.
The Lightning Network is a "Layer 2" payment protocol that operates on top of blockchain-based cryptocurrencies, enabling near instant transactions with extremely low or non-existent blockchain fees for users regardless of network congestion. Lightning Network will enable the Company to complete payments off the blockchain and allow the Company to process over 1 million transactions per second.
"As part of our unrelenting drive to provide a complete merchant and user experience for cryptocurrency payments, adding the Lightning Network was a logical enhancement to our platform," stated Clayton Moore, Founder and CEO of NetCents Technology.
The decrease in blockchain transaction fees and the increase transactions scalability will allow the Company to target a wider selection of merchants and fully removes the limitations of cryptocurrency as a method of payment for microtransactions and quick service locations like stadiums and coffee shops, meeting the growing demand for cryptocurrency payments which are growing to 1 million transactions daily in 2020.
NetCents believes it is well positioned in the marketplace as it is already operating a functional and robust payments platform - which is already widely distributed, and growing its transactions 40% monthly.
"I launched my first company in the payments industry back in 2001, and I have to admit that I have never been more excited about my work. Cryptocurrencies have promised the disintermediation of financial services monopolies since Bitcoin was created - It is invigorating to be creating pathways that will facilitate bringing efficient transactions to the billions of un and under-banked." stated Clayton Moore, Founder and CEO. "It was back in 2017 that I pivoted NetCents from traditional payments to Cryptocurrency and I am so happy to see that decision position our Company for future success."
"Today, we're one step closer to bringing Bitcoin to a billion people," said Elizabeth Stark, CEO of Lightning Labs. "Lightning is making this a reality."
Due to increasing demand for the Company's Crypto Banking Stack and Asset Management System, NetCents will also be integrating the Lightning Network for users' deposits and withdrawals to provide the scale required by large financial institutions and micropayments for gaming platforms.
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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/52184