NetCents Technology Inc (CSE:NC) (OTCMKTS:NTTCF) has expanded the volume of cryptocurrency transactions it can process by forming relationships with additional liquidity sources, the company announced Friday.
Essentially, NetCents offers products and services that allow businesses to accept cryptocurrency payments from customers by providing them with instant settlements. The company said it has now reduced the need for large capital floats to fund those settlements and has lowered the risk of working with cryptocurrency exchanges.
“Working with multiple institutional partners to provide managed funds allows us to process unlimited transactions with fewer capital restraints,” Netcents' CEO Clayton Moore said in a statement. “We are now able to continue to scale our processing without the large floats that were previously required — it’s a game-changer.”
An inability to process cryptocurrency payments at scale is a major issue, Moore added, and merchants are switching to the Vancouver-based firm as a result of its approach.
“We have seen an increase in merchants abandoning their service providers to convert to our platform,” Moore concluded. “By streamlining the entire process to the benefit of our merchants, we’ve also reduced our capital outlays and counterparty risk while substantially increasing our capacity.”
Contact Andrew Kessel at [email protected]
Follow him on Twitter @andrew_kessel