NetCents Technology Inc (CSE:NC) (OTCMKTS:NTTCF) told investors Thursday that it continues to see growth in external market demand for cryptocurrency payment services as well as its own offerings such as merchant adoption of cryptocurrency.
The Vancouver-based company, which offers products and services that allow businesses to accept cryptocurrency payments from customers by providing them with instant settlements, said that there’s been a spike in demand from merchants wanting in on the action.
Since April, NetCents has achieved 72% average monthly growth in new merchant signups.
READ: NetCents Technology shares nudge higher as third quarter processing revenue rises, operating costs fall
"With traditional payment companies’ new rules, increasing focus on medium and enterprise businesses, and zero tolerance for risk, payments are becoming increasingly difficult and expensive for merchants, forcing them to seek out alternative payment methods," CEO Clayton Moore said in a statement.
That infusion of new merchants bore itself out in the company’s third-quarter results, which were released last month. Merchant signups more than doubled quarter over quarter, revenue increased nearly fivefold and processing volume more than quadrupled.
"Our continued increase in merchant signups and processing volume shows that merchant and consumer demand is here,” Moore said. “With the continuous flow of merchants actively seeking alternative payment choices, it demonstrates that there is a real need and want for the services we provide."
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