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NetCents CEO Clayton Moore says 2020 'hastened' the transformation of cryptocurrency in letter to shareholders

The global upheaval of 2020 has accelerated the growth of cryptocurrencies, which Moore said has been a boon for NetCents

Cryptocurrency coins in a wallet
The pandemic made 2020 an unprecedented year but one that shifted the balance of payment in the direction of cryptocurrency, Moore wrote

NetCents Technology Inc (CSE:NC) (FRA:26N) (OTCQB:NCCTF) has published a letter to shareholders from its CEO Clayton Moore, who noted that that the cryptocurrency payments company is “in a stronger position for growth than at any point in our history.” 

Moore explained that the company is expected to launch what it is calling the NetCents Card Program, which would let users add a NetCents card to their Google and Apple wallets and use it virtually. 

“In our most anticipated project to date, we are in the home stretch of completing the project,” Moore wrote. “This will be one of the largest achievements in NetCents' history.” 

READ: NetCents is hiring compliance exec and implementing processes to deal with the pandemic and rapid growth

The global upheaval of 2020 has accelerated the growth of cryptocurrencies, which Moore said has been a boon for NetCents. Today there are more than 50 million cryptocurrency wallets globally, and that number is expected to double in the next five years if the growth rate holds up. Moore said that number is a conservative estimate. 

“2020 was a year of growth for all aspects of the company,” Moore wrote. “We have greatly increased our processing volume, partners, merchants, and users. The growth that we achieved in 2020 has set the stage for us in 2021 as we continue to build and expand in the key areas that brought us success in 2020.”

NetCents entered into partnerships with several of the world’s largest payment companies last year, Moore explained and integrated more than 7% of the payment industry. That provides access to more than 15 million merchants.

Specifically, the company saw a rise in international users. In 2019, 27% of its merchants were located outside the US, but in 2020, that number jumped to 63%.

“In order to service our growing international merchant base, NetCents established European operations in 2020,” Moore wrote. “We set up a German subsidiary and European banking in order to provide the same level of service to our European merchants as we do our North American. We were in the process of setting up a permanent Munich office and building out a dedicated team based in Munich, unfortunately, with the global lockdown, those plans were put on hold until COVID restrictions are lifted. The moment this happens, we will resume this project.”

The pandemic made 2020 an unprecedented year but one that shifted the balance of payment in the direction of cryptocurrency, Moore wrote. 

“Fundamentally, digital is transforming society and the past year has hastened this transformation,” Moore wrote. “As a company, we have been building the know-how and talent to capitalize on this transformation. We're proud of the work our team is doing to help our merchants, users and partners to realize growth and increase their revenue. Our developments over the past year have brought us ever closer to realizing our mission of bringing cryptocurrency mainstream and becoming the underlying technology that powers cryptocurrency transactions.”

Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com

Follow him on Twitter @andrew_kessel

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Price: 0.84 CAD

CSE:NC
Market: CSE
Market Cap: $68.01 m
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