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NetCents Technology reports record crypto trading volume on its NC Exchange in January

Published: 08:43 09 Feb 2021 EST

Cryptocurrency coins in a wallet
NetCents Technology Inc reports record crypto trading volume on its NC EXchange in January

NetCents Technology Inc (CSE:NC) (FRA:26N) (OTCQB:NTTCF), a cryptocurrency payments company, announced Tuesday that trading volume and user deposits on the NC Exchange exceeded $4 million in January, good for a new monthly record.

The NC Exchange has seen trading volume surge both year-over-year (more than 30x) and month-over-month (5x).

"Over the past two years, our focus has been on building merchant and partner acquisition and increasing merchant processing volumes, both of which have been growing rapidly over the past year," CEO Clayton Moore said in a statement. "Heading into 2021, we are fine-tuning our exchange product in support of our payment processing business - the early results of this effort are already paying off as demonstrated by large increases in volume on the exchange. This strong trading activity is another validation of our financial ecosystem growth strategy, and perhaps our high-quality software design and user experience."

READ: NetCents Technology inks white label agreement for cryptocurrency exchange

The Canadian and global cryptocurrency markets continued to advance in 2020, the company said, and some of the biggest investors in the recent growth in cryptocurrency are institutional investors, according to a report from PYMTS1. 

Despite recent price volatility, Bitcoin is up more than 315% in the past year, and NetCents management expects it to stay at these levels. That judgement is based on growing support from institutional investors and the entrance of major payment companies into the space.

"This growth doesn't surprise me as I look at the growth of the overall market,” Moore said. “Bitcoin just finished one of the biggest years in its history and we anticipate that it will continue to rally in 2021, thanks to the new surge of interest and developments in the space. At the same time, Ethereum has increased over 800% in the last 12 months. Cryptocurrency is clearly here to stay, and we are excited to remain at the forefront of this rapidly growing market."

Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com

Follow him on Twitter @andrew_kessel

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