NetCents Technology records $8.2M in January transactions as 1Q revenue surges

NetCents Technology Inc (CSE:NC) (FRA:26N) (OTCQB:NTTCF), a cryptocurrency payments company, announced Wednesday that it recorded $8.2 million in transactions in January. 

In addition, the company reported that its first-quarter revenue surged about 143% quarter-over-quarter and 476% year-over-year, based on its unaudited three months ended January 31. NetCents said it pulled in 1Q revenue of $257,008. 

The company also said it increased monthly revenue by 659% year-over-year from $15,632 in January 2020 to $118,684 in January 2021.  

READ: NetCents Technology reports record crypto trading volume on its NC Exchange in January

Its management attributed the rapid growth in revenue to the expiration of ‘low fee’ and ‘no-fee’ promotions that the company uses to incentivise merchant onboarding onto the platform, in addition to sales and marketing efforts that have continued to result in additional merchants joining the platform.

“The continued growth of our transaction figures is great to see, especially for January, which is a slow month for transactions historically,” said CEO Clayton Moore in a statement.

“We are seeing a lot of demand growth from the merchant side as Bitcoin has really become top of mind in the last 90 days as it has hit historical highs. Historically, merchants seem to get more excited about cryptocurrency transactions in a rising market. It is great from a PR perspective to be seen as ‘with the times’.”

Moore added: “We believe that this trend will only accelerate as companies will be jumping on the bandwagon to want to be seen offering something cool or trendy. For example, Tesla announced that they will now accept Bitcoin as a form of payment for their cars. This rapid growth is really putting our team to the test as we have never had to onboard as many merchants in a short period of time, luckily our robust systems can handle the growth and our user interface is quite intuitive.”

NetCents noted that cryptocurrencies have now surpassed US$1 trillion in value — representing a significant milestone for cryptocurrencies as an asset class. The company expects this trend to continue as the financial markets and functionality of cryptocurrency develops and continues to become a mainstream transaction medium.

“Management looks forward to providing more updates on business developments in the coming weeks, and wants to remind investors and Cryptocurrency users that there continues to be high volatility in the value of even the most established currencies like Bitcoin and there is a potential loss of value when holding these currencies as part of one’s financial assets,” the company said. 

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Story by ProactiveInvestors