NetCents Technology Inc (CSE:NC) (OTCQB:NTTCF), a disruptive cryptocurrency payments technologies company, announced Thursday that venture capital and private equity expert Wang Qin has joined its advisory board.
Wang has nearly three deacdes of venture capital and private equity investment, executive management, and consulting experience in the broader information and technology industry as well as resource, energy, and cleantech industries, in China, Canada, and Japan.
Wang has been a managing partner of NewMargin Ventures and Ceyuan Ventures, both prominent venture capital management companies in China, for over ten years.
"This addition to our team rounds out the footprint of the Advisory Board providing NetCents global reach and exposure," NetCents Technology founder CEO Clayton Moore said in a statement.
Moore also revealed that NewMargin Capital Management is now also a shareholder of NetCents.
The CEO said the "first task" for its advisory board was now to develop clients for the company’s white-label banking suite.
“With the team we have put together, we have entry to many financial institutions around the world. NewMargin has one of the top track records in venture capital globally, and we are lucky to be associated with such a forward-thinking team,” he added.
NetCents said it has “targeted opportunities in Asia” due to the “deeper penetration of cryptocurrency within the Asian financial infrastructure” than which is found in North America or Europe. For NetCents to monetize its technologies fully, it needs significant representation in the Asian market, noted the company.
It believes that with the addition of Wang to the Advisory Board it will make tremendous advances in Asia.
"Before I agreed to join, I analyzed what NetCents offers market participants in Asia, and I concluded they have a distinct advantage in their user interface and experience," Wang commented in the statement.
"I'm looking forward to assisting NetCents to gain market share by making appropriate introductions for the company by leveraging my experience at NewMargin and Ceyuan," he added.
More recently, Wang has focused on managing Chinese funds, including a 3 billion renminbi resource funds investing in mining and energy companies in China, and a 600 million renminbi new energy and cleantech funds investing in lithium battery-related resource and material companies in China. He currently serves on the board for several of the funds' portfolio companies.
Separately, NetCents Technology announced that it has issued 4,964,497 units under a private placement for gross proceeds of $1,390,059. Each unit comprises one share and one share purchase warrant, priced at $0.70, with a two-year term. The company paid commissions of $9,310 and issued 2,000 agent warrants with the same terms as the warrants in the private placement.
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 with instant settlements.
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