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C:NC – NetCents Technology Inc. – 10:23:55 EST
NC – C   3.5 1.31 · 1.32 10.0 1.33 +0.07 5.6 324.3 428 189 1.32  1.34  1.31 2.75  0.22 10:06:59 06:02 15 min RT 2¢
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NetCents to offer interest-bearing crypto accounts

2021-01-04 06:02 ET – News Release


Mr. Clayton Moore reports


NetCents Technology Inc. will begin to offer interest-bearing crypto accounts on its platform.

NetCents management believes that interest-bearing accounts are a natural extension of the products that should be available to individuals participating in the crypto economy. NetCents believes that it is uniquely positioned within the cryptocurrency industry to begin offering a wider selection of financial products to its user base. NetCents has been a leader in providing cryptocurrency technologies for payments and intends to maintain its leadership by being at the forefront of the industry as market participants move to replicate the products of the legacy financial services industry. NetCents’ hallmark is embracing new ideas and combining best-in-breed technologies with a user interface that is easily understood.

“The pandemic has really demonstrated how there are 80 million households that are unbanked in North America, and that the current financial system isn’t focused providing solutions to masses, they are maximizing revenue by focusing on the rich. Paying interest on deposits is something that lean companies like NetCents is well suited to offer,” stated Clayton Moore, NetCents’ chief executive officer.

This is a natural evolution of the financial products that are being created in the cryptocurrency industry. NetCents has pioneered into transaction and payment technology before others followed, and will now blaze a path facilitating transactions as well as interest-bearing accounts for its merchants and wallet holders.

The company sees a massive opportunity in facilitating these types of transactions based on the experience of its merchant base, which is now choosing to receive a higher percentage of its receipts in cryptocurrency. Furthermore, individual investors are interested in earning interest on their assets if staked over time when compared with traditional banking products paying minimal interest or negative interest rates, which are common in Europe.

“NetCents intends to facilitate these kinds of transactions but add a layer of redundancy and security that will give investors more comfort in the security of their assets. As crypto matures more bank-like features and stability will be essential to its ultimate success,” stated Mr. Moore.

The company is in discussions with numerous partners that would assist in providing these services and will announce individual agreements with partners as they become finalized. NetCents intends to offer these products only after the company has received guidance and clearance from regulators and advisers that the products are compliant.

“This new product will be the first corporate development that will take full advantage of the advisory board we have formed — the team has decades of experience in managing banks and financial productsincluding experience at UBS and Goldman Sachs. Our advisory board has experience across North America, Europe and Asia. We are qualified to develop a solution that will be compliant across the global financial services framework,” stated Mr. Moore.

About NetCents Technology Inc.

NetCents Technology, 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 with FINTRAC.

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