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NetCents teams up with crypto fintech company to utilize US$1.4 billion credit facility

The facility allows NetCents to have money in the market over an extended period and pass along its profits to its client base

Cryptocurrency coins
NetCents believes the financing will curb any obstacles to unlimited processing and mitigate the risk associated with merchant payouts

NetCents Technology Inc (CSE:NC) (OTCQB:NTTCF) announced Friday that it has partnered with fintech firm Bison Digital LLC to use its flow of merchant orders as a short-term cryptocurrency portfolio. 

Last month, the crypto payments company received an industry-leading US$1.4 billion credit facility to fund merchant settlements, thus making it easier to hold crypto positions. The facility allows NetCents to have money in the market over an extended period and profit from buying and selling cryptos — profits that mean it can reduce fees to its client base.

Ultimately, NetCents believes the financing will curb any obstacles to unlimited processing and mitigate the risk associated with merchant payouts.

READ: NetCents transitions into revenue generation as it posts unaudited results for financial half year

"I believe that our dedication to developing best in class solutions has facilitated the institutional relationships we are using to grow opportunities in the blockchain and crypto space,” NetCents CEO Clayton Moore said in a statement. “I look forward to scaling the business we have built through these strong partnerships."

Bison Digital is backed by BKCoin Capital LP, a digital assets quantitative hedge fund with a market-neutral long/short arbitrage strategy.

"In the short time we've been working together, NetCents has quickly become our most strategic partner for cryptocurrency advisory," BKCoin chief investment officer Kevin Kang added. "We look forward to continuing to develop this relationship as its volume continues to grow rapidly, leveraging our depth and experience in managing and trading multi-asset portfolios to drive a new profit center for all parties."

Bison Digital, a fintech company that delivers a venue for exchanges, payment processors and others looking for crypto liquidity, also believes in what NetCents brings to the table.

"As NetCents grows its already impressive merchant base, upcoming product offerings such as the NetCents Cryptocurrency Credit Card will drive growth in order flow that will supply the short-term crypto portfolio," Bison Digital managing partner Carlos Betancourt said. "We anticipate quickly outgrowing our $5 million daily credit facility and will look to expand."

Contact Andrew Kessel at [email protected]

Follow him on Twitter @andrew_kessel

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Price: 1.3 CAD

CSE:NC
Market: CSE
Market Cap: $91.43 m
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