Vancouver, British Columbia--(Newsfile Corp. - July 6, 2020) - NetCents Technology Inc. (CSE: NC) (FSE: 26N) (OTCQB: NTTCF) ("NetCents" or the "Company"), a cryptocurrency payments technologies company, is pleased to announce that it is forming a wholly-owned subsidiary in Germany to support its growing European business. It has also set up its first European banking relationship to support its rapidly growing European client base.
The Company has been encouraged with the growth of its core merchant base over the course of 2020. It has determined that a local presence is necessary to efficiently manage the large processing clients it has developed in the market. "We will be able to process and pay European merchants with the dedicated infrastructure we are putting in place more efficiently," stated Jenn Lowther, Chief Revenue Officer of NetCents Technology. "These moves will allow us to provide the daily payment capability for our merchants in Euros."
NetCents will be forming a subsidiary in support of the businesses that it intends to operate in the European market - these businesses include:
- Merchant Processing
- Invoicing for subscription-based businesses
- Merchant services and Crypto-Banking Stack/Solution as a white-label offering for commercial banks
On March 3, 2020, the Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) (the German Banking regulator) has released guidelines and definitions for financial institutions interested in Cryptocurrency products[1]. NetCents has a white-label solution; it can offer these commercial banks interested in allowing their client base to trade in cryptocurrency alongside traditional financial products.
"We have created a lot of momentum with our efforts to create business opportunities in the European market," stated Clayton Moore, Founder and CEO of NetCents Technology. "With the recent additions of additional European financial executives to our advisory board, we believe that we will only accelerate momentum from here. With a defined resource on the continent - it will make growth in Europe easier to manage. Our team will be multi-lingual, and this addition to our footprint will make it easier to pay merchants in Euro in a timely and efficient way."
European institutions are more inclined to participate in the crypto markets vs. According to a recent survey published by Bitcoin.com, North American institutions, with 82% of European respondents, favorably favor cryptocurrencies.[2] "A large part of our investor and business base is already in Europe, and the climate towards adoption is much more favorable across many business verticals in the European market. It only makes sense that we invest in initiatives that are already generating success for us as a Company. I look forward to growing our European business aggressively," concluded Mr. Moore.
About NetCents
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"
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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