NetCents, a cryptocurrency payments company, today announced that it will begin to offer interest-bearing crypto accounts on its platform. The company sees an opportunity in facilitating these types of transactions based on the experience of its merchant base which is now choosing to receive a higher percentage of its receipts in cryptocurrency
Furthermore, individual investors are interested in earning interest in their assets if “staked” over time when compared to traditional banking products paying minimal interest or negative interest rates which are common in Europe.
“The pandemic has really demonstrated how there are 80 million households that are unbanked in North America, and that the current financial system isn’t focused providing solutions to masses, they are maximizing revenue by focusing on the rich. Paying interest on deposits is something that lean companies like NetCents is well suited to offer,” stated Clayton Moore.
The company is in discussions with numerous partners that would assist in providing these services and will announce individual agreements with partners as they become finalized. NetCents intends to offer these products only after the company has received guidance and clearance from regulators and advisors that the products are compliant.
“NetCents intends to facilitate these kinds of transactions but add a layer of redundancy and security that will give investors more comfort in the security of their assets. As Crypto matures – more “bank-like” features and stability will be essential to its ultimate success,” stated Clayton Moore, NetCents CEO.
“This new product will be the first corporate development that will take full advantage of the Advisory Board we have formed – the team has decades of experience in managing banks and financial products, including experience at UBS and Goldman Sachs. Our Advisory Board has experience across North America, Europe, and Asia. We are qualified to develop a solution that will be compliant across the global financial services framework,” stated Mr. Moore.