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NetCents Technology exceeds C$1M in monthly processing volume last month

The group is capturing the migration from cash to digital currency using blockchain technology

NetCents -
NetCents said in today's statement that it was pleased with its 2019 results

NetCents Technology Inc (CSE:NC) (OTCMKTS:NTTCF), the cryptocurrency payments specialist, hailed its latest milestone, exceeding C$1 million in monthly processing volume in December. 

The group is capturing the migration from cash to digital currency using blockchain to provide payment solutions that it says are simple to use and secure. 

In May last year, NetCents forecast that it would continue to increase monthly processing volume by 40% month-over-month, to reach C$2 million in monthly processing volume in the first quarter of 2020.

READ: NetCents adds two new faces to the board of directors

The firm highlighted that it beat this projection for 2019 and was on track to meet its Q1 projections. 

"This continued compounding 40% monthly growth rate is a key inflection point for the company's future growth and revenue," the Vancouver-based firm said in a statement.

Clayton Moore, the group's founder and chief executive, said beating the $1 million mark in monthly processing volume was a 'major milestone'.

"Our proven ability to seamlessly scale our processing volume in a short period of time proves that our platform is ready for our continued exponential growth," he said.

NetCents added that it was pleased with its 2019 results.

"The company increased its monthly processing volume by 2,497%. In January 2019, the company processed $39,436 in cryptocurrency transactions and ended the year by processing $1,024,030 in December 2019. During calendar 2019, the company processed a total of $2,913,180 in cryptocurrency transactions."

NetCents said it was excited to start 2020 with its 54 partners and their 7 million merchants collectively.

Shares advanced 3.23% to C$0.48 in Toronto.

---Updates for share price---

Contact the author at [email protected]

Quick facts: NetCents

Price: 1.27 CAD

CSE:NC
Market: CSE
Market Cap: $89.32 m
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