In a statement, NetCents said its management believes that interest-bearing accounts are a natural extension of the products that should be available to individuals participating in the crypto economy.
The Vancouver-based company also said it believes that it is uniquely positioned within the cryptocurrency industry to begin offering a wider selection of financial products to its user base.
NetCents has been a leader in providing cryptocurrency technologies for payments and intends to maintain its leadership by being at the forefront of the industry as market participants move to replicate the products of the legacy financial services industry. The company said its hallmark is embracing new ideas and combining best-in-breed technologies with a user interface that is easily understood.
"The pandemic has really demonstrated how there are 80 million households that are unbanked in North America, and that the current financial system isn't focused providing solutions to masses, they are maximizing revenue by focusing on the rich,” said CEO Clayton Moore. “Paying interest on deposits is something that lean companies like NetCents is well suited to offer.”
NetCents, which has pioneered transaction and payment technologies, said it will now blaze a path facilitating transactions, as well as interest-bearing accounts for its merchants and wallet holders.
The company said it sees a massive opportunity in facilitating these types of transactions based on the experience of its merchant base, which is now choosing to receive a higher percentage of its receipts in cryptocurrency. Furthermore, it added that individual investors are interested in earning interest on their assets if "staked" over time when compared to traditional banking products paying minimal interest or negative interest rates -- which are common in Europe.
"NetCents intends to facilitate these kinds of transactions but add a layer of redundancy and security that will give investors more comfort in the security of their assets. As Crypto matures - more "bank-like" features and stability will be essential to its ultimate success," Moore said.
The company said it is in discussions with numerous partners that would assist in providing these services and will announce individual agreements with partners as they become finalized. NetCents also intends to offer these products only after the company has received guidance and clearance from regulators and advisors that the products are compliant.
Moore added: "This new product will be the first corporate development that will take full advantage of the Advisory Board we have formed - the team has decades of experience in managing banks and financial products, including experience at UBS and Goldman Sachs. Our Advisory Board has experience across North America, Europe and Asia. We are qualified to develop a solution that will be compliant across the global financial services framework.”
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