NetCents Technology, a crypto payments technologies company, has announced on Monday its plans of European expansion by forming a wholly-owned subsidiary in Germany and also the setting up of its first European banking relationship to support its rapidly growing European client base.
“We will be able to process and pay European merchants with the dedicated infrastructure we are putting in place more efficiently,” Jenn Lowther, chief revenue officer of NetCents Technology, said. “These moves will allow us to provide the daily payment capability for our merchants in Euros.”
The move followed the growth of the company’s core merchant base as it realized the importance of localized presence to manage its large processing clients.
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Headquartered in Vancouver, NetCents is currently registered as a Money Services Business (MSB) with FINTRAC, the Canadian regulator.
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Germany was selected as the country clarified its stance on the cryptocurrency-based products earlier this year.
The new European subsidiary will focus on all existing businesses of the blockchain-based payments company including merchant processing, invoicing for subscription-based businesses, and crypto-banking solution services as a white-label solution offering commercial banks.
“We have created a lot of momentum with our efforts to create business opportunities in the European market,” Clayton Moore, founder and CEO of NetCents, added. “With the recent additions of additional European financial executives to our advisory board, we believe that we will only accelerate momentum from here.”
“A large part of our investor and business base is already in Europe, and the climate towards adoption is much more favorable across many business verticals in the European market.”
Meanwhile, the blockchain company recently partnered with American investment bank Boustead Securities to help screen and negotiate potential strategic acquisitions and also identify institutional investments.