NetCents to expand white-label crypto banking solution within Europe

NetCents launches white-label crypto banking solution for European providers

NetCents, a cryptocurrency payments technology solutions provider, announced that it is expanding its global presence with a defined growth plan for its operations in the European Market.

The company is negotiating with multiple European banks in the development of two specific outcomes:

1) facilitating the ability to service its growing European merchant-base to support transaction growth; and

2) licensing of NetCents’ Cryptocurrency Banking Stack to these European institutions, which are about to be allowed to receive cryptocurrencies for the first time.

Initial efforts of this new expansion will include the establishment of an office in Munich, Germany.

European financial institutions are focusing on crypto as a way to re-define and differentiate their business in the current low-interest-rate environment. A recent indicator includes a consortium of 40 German banks that recently requested that BaFin (Bundesanstalt für Finanzdienstleistungsaufsicht, German Federal Financial Supervisory Authority) award banks the right to receive and custody deposits of cryptocurrency.

“As such, a large part of our recent European trip was to further develop relationships with multiple European banks to expand our European footprint to meet this need. The Company believes that bringing crypto to the mainstream requires that retail investors are able to treat these products like traditional currencies – they should be able to deposit them at their normal commercial bank and have deposit insurance on those coins, and if they lose a password that they can obviously recover that currency (a potential risk with many current crypto accounts), our goal is to provide those banks the technology to do that in an efficient way.”
– Clayton Moore, CEO, Founder, and Director of NetCents Technology

The NetCents Banking stack is the “rails” that enables cryptocurrency accounts, transactions, and functionality into existing platforms for banks, financial institutions, and money service businesses. The benefits of licensing this technology include a new revenue stream for the company and also drives additional trading volume to the NetCents exchange.