NetCents Technology Increases Its Credit Facility to US$2 Billion
Vancouver, British Columbia--(Newsfile Corp. - October 30, 2020) - NetCents Technology Inc. (CSE: NC) (FSE: 26N) (OTCQB: NTTCF) ("NetCents" or the "Company"), a cryptocurrency payments company, is pleased to announce that it has increased its credit facility from USD$1.4 Billion to USD$2 Billion.
The Company has made this move to facilitate the following efforts:
- Continued merchant growth
- Credit card launch
- White Label Projects
NetCents is preparing for rapid growth in the cryptocurrency space specifically B2B payments - its transaction volume is rising - and user adoption is growing rapidly. "We think we are at that inflection point. Bitcoin is coming out of the shadows and moving again into the spotlight, unfortunately many missed the 300% run from the bottom," stated Clayton Moore, CEO of NetCents. "I do think it is ironic that JP Morgan - whose CEO derided Bitcoin as a fraud in 2017, has published research indicating millennials prefer Bitcoin to Gold as a store of value and inflation hedge 'The older cohorts prefer gold, while the younger cohorts prefer Bitcoin as an 'alternative' currency' they said.1"
"Our education process continues to win over clients," enthused Mr. Moore. "Clients are becoming exceedingly more comfortable with our products as we demonstrate security protocols and how the Bitcoin and other coins that potential clients receive are actually screened and vetted before we allow them on the platform, we increased the credit line because we need to increase our capabilities to meet growing demand," concluded Mr. Moore.
According to Matt Harris of Bain Capital, the growth of technology companies that focus on B2B payments will continue through 2021. He alluded to the fact that while B2C was much more mature, there was a lot of room for B2B providers to grab market share.2
The Original Credit Facility Announced June 19: https://news.net-cents.com/2020/06/19/netcents-technology-negotiates-industry-leading-credit-facility/.
Additional Info Announced June 26: https://news.net-cents.com/2020/06/26/netcents-technology-provides-further-details-of-credit-facility/.
NetCents has partnered with a handful of forward-thinking institutions to use its merchant order flow as a supply for a short-term crypto portfolio. The credit line enables NetCents to have money in the market over an extended period and be able to profit from arbitrage opportunities. The profits from this arbitrage will ultimately allow NetCents to reduce fees to its client base.
The Credit line allows NetCents the capacity to eliminate volatility risk for all of its merchants. Furthermore, this financing structure will help many cryptocurrency exchanges by creating a deeper market for mainstream cryptocurrencies.
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.
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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/67130