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NetCents launches Crypto Banking Stack to facilitate cryptocurrency banking

Financial Institutions will be able to use their existing hardware and software to offer clients access to a fully integrated cryptocurrency processing and transaction service

An illustration of cryptocurrencies
Supported cryptocurrencies include bitcoin, ether, bitcoin cash and Litecoin

NetCents Technology Inc (OTCMKTS:NTTCF) (CSE:NC) announced Thursday that it has launched Crypto Banking Stack to facilitate cryptocurrency banking.

The cryptocurrency hub company said financial Institutions will be able to use their existing hardware and software to offer clients access to a fully integrated cryptocurrency processing and transaction service.

The cryptocurrencies initially supported through the Crypto Banking Stack are bitcoin, ether, bitcoin cash and Litecoin, NetCents said in a statement.

READ: NetCents supports merchants in 55 countries after cryptocurrency payment hub’s expansion

Crypto Banking Stack will require only minor modifications to legacy systems, eliminating the need to develop and maintain proprietary cryptocurrency processing technology, according to Vancouver-based NetCents.

Low-cost, crypto-ready processing can be added quickly without the need for lengthy and costly development, the company said in a statement.

Once integrated through the Crypto Banking Stack application programming interface, financial Institutions will be able to offer their customers crypto banking services accessible through their current online bank profiles.

The crypto bank accounts will have the same functionality as standard checking and savings accounts, according to NetCents.

Included is the ability to add various crypto accounts or wallets; to transfer, deposit, withdraw, make a payment and view transactions; and to link a crypto bank account to debit cards.

The Crypto Banking Stack, according to NetCents, will have the ability to provide account holders with the ability to convert and move balances between crypto and legal tender bank accounts.

Shares of NetCents climbed US$0.14, or 16%, to US$1 in Wednesday’s OTC Markets trading. They advanced C$0.01 to C$1.23 in Canada.

Contact Dennis Fitzgerald at [email protected]

Quick facts: NetCents

Price: $0.46

Market: CSE
Market Cap: $21.71 m
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