NetCents Technology takes another step closer to launching its crypto-backed VISA card in 2021

NetCents Technology Inc (CSE:NC) (OTCQB:NTTCF) (FRA:26N) said Tuesday it had completed its bank compliance review ahead of an anticipated rollout of a cryptocurrency-backed credit card in early 2021. 

The technology company joined the Visa Fintech Fast Track program in August to facilitate the rollout and later partnered with i2c, to be the backend provider linking it directly to the Visa network.

As part of its rollout efforts, NetCents was required to sign an issuing bank for the credit card program and provide the financial institution with legally certified compliance with all relevant laws, as well as full program and corporate analysis and compliance documentation.

READ: NetCents developing smart contract product for merchants and users globally

Now that the compliance review is complete, NetCents said the bank’s treasury will file the forms with Visa and i2c will submit the Bank Identification Number (BIN) paperwork. Once NetCents receives its BIN from Visa, the company will be able to complete the final setup and start issuing NetCents Cryptocurrency Visa cards.

NetCents CEO Clayton Moore said the credit card rollout will be a major achievement for the Vancouver-based company.

“We expect cryptocurrency to become mainstream and a product like this VISA card will be in high demand as we expect the interest in transacting in cryptocurrency to accelerate in 2021 and beyond, we haven’t scratched the surface of where this is going,” Moore said in a statement.

“Additionally, this process of building and documenting our infrastructure and compliance is something that brings additional credibility to our company and prepares us for the future projects that will require similar high standards of disclosure and transparency.”

NetCents also said it had issued stock options totaling 150,000 shares exercisable at C$0.95 per option with a five-year expiry date to employees of the company.

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Story by ProactiveInvestors