NetCents Technology Inc (CSE:NC) (OTCQB:NTTCF) has revealed it is establishing a German subsidiary to help its growing number of clients in the region, including to provide a white-label solution for commercial banks.
The cryptocurrency payments group said the new subsidiary will support the activity it intends to operate in the European market, including merchant processing and invoicing for subscription-based businesses.
It also aims to provide merchant services and its crypto-banking Stack/Solution as a white-label offering for commercial banks after the German regulator released guidelines on March 3 this year for financial institutions interested in cryptocurrency products, the group added.
"We have created a lot of momentum with our efforts to create business opportunities in the European market," Clayton Moore, the founder and CEO of NetCents Technology said In a statement on Monday.
"With the recent additions of additional European financial executives to our advisory board, we believe that we will only accelerate momentum from here. With a defined resource on the continent - it will make growth in Europe easier to manage. Our team will be multi-lingual, and this addition to our footprint will make it easier to pay merchants in Euro in a timely and efficient way," he added.
According to a recent survey published by Bitcoin.com, European institutions are more inclined to participate in the crypto markets compared to North American institutions, with 82% of European respondents, favorably favoring cryptocurrencies, NetCents noted.
The group also said that it had "been encouraged" with the growth of its core merchant base over the course of 2020 and decided a local presence is necessary to efficiently manage the large processing clients it has developed.
"We will be able to process and pay European merchants with the dedicated infrastructure we are putting in place more efficiently," Jenn Lowther, the group's chief revenue officer said.
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