NetCents Technology Inc (CSE:NC) (OTCMKTS:NTTCF) boss Clayton Moore has told investors that his firm is well-positioned to benefit from the current global coronavirus crisis as cryptocurrency and blockchain begin to reshape and alter future financial infrastructures.
In a letter to shareholders, Moore said he believes the firm's advisory board will be instrumental in the 'tidal change that is about to begin' whereby all of global commercial banks will start to receive and manage cryptocurrency for clients.
READ: NetCents Technology ready to help launch US Government-backed cryptocurrency as part of future coronavirus stimulus package
"We will be offering our white label service for those products to allow these banks to seamlessly provide these services without having to develop and manage them internally," he said.
NetCents software allows transactions using cryptocurrency. It is deploying crypto-enabled financial products across numerous business verticals to become a complete 'Crypto ecosystem'.
"As unfortunate and challenging as today is, this is where cryptocurrency shines. Unlike traditional fiat currencies, cryptocurrency never closes or takes banking holidays," said Moore. "Whether its value has increased or decreased against the dollar, it never stops moving and, more importantly, being accessible."
He noted that NetCents had now transitioned from building up its technology to selling it.
Since launching growth efforts in 2019, the firm has consistently achieved record double-digit month-over-month processing volume growth, he added.
Running through its achievements to become a complete financial services firm, he listed the following achievements:
- Providing exchange services combined with the payment platform allowing digital touchless consumer payments in retail environments and e-commerce technology
- Providing credit card products
- Providing merchant processing to retailers
- Providing a commercial banking infrastructure for global banks that wish to service their clientele that desire to deposit and trade cryptocurrency
- Providing invoicing and payment technology to SaaS and PaaS companies (Software-as-a-Service, Platform-as-a-Service)
Earlier this month, NetCents described how it was "ready and willing" to help the US government to create a Central Bank Digital Currency (CBDC) if it comes into law.
A few versions of the US stimulus bills amid the coronavirus pandemic had included legislation approving the creation of a digital dollar.
"Unfortunately, the final version of the legislation didn't include this piece. However, I believe that we will see it again in stimulus legislation that will be introduced in the coming weeks or months," Moore said.
"We are building out NetCents to have attractive revenue streams based on the adoption of digital currencies worldwide - we make attractive margins on every transaction and aren't dependent on any specific underlying cryptocurrency to make money - we will make more money as more and more wallets are created.
"More business clients elect to use our systems. We are confident that we have positioned the company for success, and that success just might be coming a little more quickly because of many converging world events," he concluded.
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