Technology Inc () (FRA:26N) (OTCQB:NTTCF) announced Thursday that the company processed more than C$6.7 million in cryptocurrency transactions in February.
That figure was a decrease from January’s volume, but that was not unexpected, given the shorter month and historic trends, the company. Thus far in March, NetCents has already processed more than C$1.6 million.
Additionally, average transaction value increased from $1,978 to $2,191, with more than 700 new merchants signing up to the platform so far in 2021, and the company signed six new partners in February.
READ: NetCents Technology enters decentralized finance space via agreement with crypto company Vesto
“These are exciting times at NetCents. We started 2021 with the strongest month in NetCents’ history,” CEO Clayton Moore said in a statement. “These results demonstrate our plan of investing in industry-leading customer service and marketing is paying off. 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, as Bitcoin gained value last month, the company said it experienced a decrease in Bitcoin transactions and an increase in transactions using other cryptocurrencies such as Ethereum and Litecoin. Historically, when the price of Bitcoin rapidly increases, it becomes an appreciating asset rather than a transactional currency, the company said.
“I’ve always said that ultimately, Bitcoin will not be the cryptocurrency of choice for payments online,” Moore said, “It will grow into the asset it is becoming, and merchant processing will ultimately be another cryptocurrency specifically designed for online transactions, 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.”
NetCents is experiencing significant inbound inquiries from merchants for the first time, the company said. The company believes its automated marketing processes are working and it has been expanding its internal resources to manage the growth.
NetCents is working to enhance its systems and platform. as well as developing the technologies to support its Credit Card rollout, Non-Fungible Token functionality, and other exchange and banking programs.
“As we enter 2021, we see a lot of momentum carrying over from 2020,” Moore said. “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.”
To that end, Moore is excited that the growth of transaction volume continues to get the company closer to breakeven on an operational basis. The company plans to deploy capital to build 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,” Moore added. “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.”
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