The monthly transaction volume of $1,348,32 last month represented a nearly 32% increase over December 2019 when the company processed $1,024,030, according to a statement.
The company has communicated a monthly growth target of 40% a month to investors and attributes the 32% growth rate to the seasonal slump which is characteristic of most e-commerce and retail settings post-holiday season.
Based on the month-to-date numbers for February, NetCents said it believes that the February processing transactions will represent the 40% monthly trend as the company has predicted.
"Reaching one million in processing volume in December was a major milestone for NetCents but our continued growth proves that we can deliver consistent, compounding increases that we've projected," said CEO Clayton Moore.
"With our laser focus on improving the merchant and user experience, combined with our merchant and partner sales strategies, we are on track to achieve our objective of processing $64 million in cryptocurrency transactions this year."
NetCents said its management is completing a European visit comprised of meetings with numerous potential strategic and financial partners.
Moore added: "Visiting institutions, as well as FinTech companies here in Europe, has been invigorating. NetCents has been diligently working on its tech stack and now that it is ready for prime time, there are many investors and partners that are interested in participating or collaborating on what we have created. I am excited to move many of these possible initiatives forward and share them with investors as they become solidified."
NetCents, based in Toronto, has developed a blockchain platform for merchants and consumers looking for a better way to transact online with cryptocurrency. Its technology allows merchants and firms to accept cryptocurrency payments from customers by providing them — the recipients — with instant settlements.
The company's stock recently traded 15% higher to C$0.68 a share in Canada and rose 11% to US$0.49 a share in New York.
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