Vancouver, British Columbia--(Newsfile Corp. - February 26, 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 expanding its global presence with a defined growth plan for its operations in the European Market.
"European financial institutions are focusing on crypto as a way to re-define and differentiate their business in the current low-interest-rate environment. A recent indicator includes a consortium of 40 German banks that recently requested that BaFin (Bundesanstalt für Finanzdienstleistungsaufsicht, German Federal Financial Supervisory Authority) award banks the right to receive and custody deposits of cryptocurrency1.
"As such, a large part of our recent European trip was to further develop relationships with multiple European banks to expand our European footprint to meet this need. The Company believes that bringing crypto to the mainstream requires that retail investors are able to treat these products like traditional currencies - they should be able to deposit them at their normal commercial bank and have deposit insurance on those coins, and if they lose a password that they can obviously recover that currency (a potential risk with many current crypto accounts), our goal is to provide those banks the technology to do that in an efficient way," Mr. Moore concluded.
The Company is currently in negotiations with multiple European banks in the development of two specific outcomes:
1) facilitating the ability to service its growing European merchant-base to support transaction growth; and
2) licensing of NetCents' Cryptocurrency Banking Stack to these European institutions, which are about to be allowed to receive cryptocurrencies for the first time.
The NetCents Banking stack is the "rails" that enables cryptocurrency accounts, transactions, and functionality into existing platforms for banks, financial institutions, and money service businesses. The benefits of licensing this technology includes a new revenue stream for the Company and also drives additional trading volume to the NetCents exchange.
The initial efforts of this new expansion will include the establishment of an office in Munich, Germany. In closing, Management would like to thank the new advisory board members for their efforts on the recent trip to Europe in unearthing and developing these new opportunities.
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.
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