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Monday’s announcement brought shares of NetCents Technology up more than 17 percent over the one-day trading period.
NetCents Technology (CSE:NC) released its corporate update for 2018 on Monday (January 7), touching on the company upgrading its cryptocurrency payment platform over the year.
According to the release, the company advanced its platform to a “robust cryptocurrency” software-as-a-service platform “that is scalable and flexible” to both the company and merchants.
Among the platform’s new changes include a new user interface and merchant payment gateway frontend, deployed iOS and Android merchant and user applications, added four additional cryptocurrencies to its platform and a NetCents cryptocurrency payment platform.
“In 2018, the company was focused on laying the groundwork and building the foundation for future success, including signing key partnerships in the traditional payments space and building a best in breed platform,” Clayton Moore, founder and CEO of NetCents, said in the release.
Notably, the company experienced a 206 percent increase in direct merchant signups in Q4 2018, which brings NetCents’ total number of direct merchants to more than 425. The company says that the sign-up rate has only gone up with each passing month.
Some of the company’s new partnerships and merchant agreements includes those with: MindGeek for 165 streaming websites and WealthShop for legal cannabis dispensaries across Canada.
NetCents also entered into a five-year sharing white-label agreement with High Risk Commerce LLC, which will allow for NetCents merchant gateway to be available to “hundreds” of independent sales organizations. Another enterprise white label agreement NetCents signed was with Post Socratic Ventures for an exclusive five-year revenue agreement for 28 Caribbean countries with quarterly processing volume minimums.
Moore added that over the course of the next year, NetCents will focus on growing its revenue while expanding into new regions thanks to key partnerships.
In terms of its cryptocurrency credit card program, the company said its Canadian release has been pushed to spring 2019 due to development work needed for signed partner and merchant contracts. NetCents is in the middle of finalizing the credit card’s integration into the user portal and instant settlement program.
Following Monday’s announcement, shares of NetCents enjoyed a 17.14 percent increase to close the trading session at C$0.82. While the year is still relatively young, the company’s stock is up 13.88 percent from C$0.72 on January 2.
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Securities Disclosure: I, Jocelyn Aspa, hold no direct investment interest in any company mentioned in this article.