Earlier today in Vancouver, cryptocurrency payments technology company NetCents Technology Inc. has provided further information on the $1.4 billion institutional credit facility that it received to power merchant settlements.
To secure the credit facility, NetCents partnered with Bison Digital LLC, backed by BKCoin Capital LP. Under the agreement, the payments technology company will use Bison Digital’s merchant order flow as a supply for a short-term crypto portfolio.
The $1.4 billion credit facility allows NetCents to have money in the market over an extended period and profit from arbitrage opportunities, the company said in its statement. The company will ultimately use the earnings made from this arbitrage to lower its fees.
Commenting on the partnership, Kevin Kang, Founding Principal and Chief Investment Officer of BKCoin Capital said in the statement: “In the short time we’ve been working together, NetCents has quickly become our most strategic partner for cryptocurrency advisory.
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“We look forward to continuing to develop this relationship as its volume continues to grow rapidly, leveraging our depth and experience in managing and trading multi-asset portfolios to drive a new profit center for all parties.”
NetCents to continue scaling business
Bison Digital is a fintech company providing a venue for market participants trying to access liquidity in the cryptocurrency markets. In particular, the fintech aggregates liquidity under a single API.
“I believe that our dedication to developing best in class solutions has facilitated the institutional relationships we are using to grow opportunities in the blockchain and crypto space. I look forward to scaling the business we have built through these strong partnerships,” added Clayton Moore, Founder and CEO of NetCents Technology in the statement.
Today’s announcement follows on the heels of NetCents publishing its unaudited interim results. As Finance Magnates reported, revenue for the six months ended April 30, 2020, was $102,061 compared to $23,503 for the six months ended April 30, 2019.