Blockchain
NetCents Technology Streamlines Operations, Focusing on the Revenue-Generating Merchant Processing Segment
Vancouver, British Columbia–(Newsfile Corp. – January 17, 2023) – NetCents Technology Inc. (CSE: NC) (FSE: 26N) (OTCQB: NTTCF) (“NetCents” or the “Company“), a cryptocurrency payments company, announces the closure of its cryptocurrency exchange effective immediately. The closure is designed to streamline its current operations and product offerings to focus on revenue-generating product streams. For the last few years, the Company’s primary focus has been the growth of its merchant processing products and services with less reliance on the cryptocurrency exchange.
The cryptocurrency exchange, planned initially as a complementary business segment, has never been a significant percentage of the Company’s revenues, accounting for less than one half of one percent (0.5%) of estimated total revenues in fiscal 2022 (unaudited). As the Company merchant processing continued to grow, the cryptocurrency exchange became unnecessary for the overall business strategy. In fiscal 2022, the exchange generated insignificant revenues and was no longer cost effective to maintain. At the same time, the Company recognized and focused on its market share and competitive advantages in merchant processing. Virtually all of the Company’s growth and revenue for the last two fiscal years was from its merchant services.
In July 2022, the Company began internal discussions regarding the future of the exchange, and the Board of Directors voted to begin the steps required to cease exchange operations. In September 2022, the Company contacted the regulatory authorities, communicating the Company’s intention to cease exchange operations. In November 2022, the Company detailed the procedure to be used to wind down exchange operations to the regulators and at that time, the Company ceased receiving fiat or cryptocurrency deposits to the exchange. This action, however, has not affected users’ ability to withdraw their fiat funds or crypto assets from the exchange.
In the near future, all account holders will be contacted via email and, if required, by phone. Account holders will be instructed to access their accounts and withdraw their fiat and crypto assets. At the instruction of the account holders, all fiat funds will be transferred via traditional means, and all crypto assets will be transferred via the associated blockchain. All accounts will have 60 days from the first email to move their fiat funds and their transferable crypto assets off the exchange. The Company has maintained the fiat funds in its bank accounts and crypto assets have been held by an independent third-party wallet as a service provider. All account holders will receive 100% of their respective account holdings, except accounts holding NCCO. Any accounts holding NCCO will be maintained pending final resolution by regulatory authorities.
As a brief business update, the Company’s merchant processing business continues to grow, and in 2022, the Company experienced significant growth since 2020 in all key metrics. Since 2020, merchants on the platform have grown by over 250%, with a global footprint of processing merchants in 46 countries. The average transaction value increased from USD $391 in 2020 to USD $4,500 in 2022, and the Company’s Instant Settlement processing volume grew 374% in 2022 over 2020 from USD $10.6 million in 2020 to USD $50.6 million in 20221. In 2022, merchant processing revenue increased by 445% over 20201.
As of today, the Company continues to be subject to a cease trade order. The following financial statements are outstanding: interim financial statements (unaudited) for the quarterly periods ending January 31, 2021, April 30, 2021, and July 31, 2021, audited annual financial statements for fiscal year end October 31, 2021, and interim financial statements (unaudited) for the quarterly periods ending January 31, 2022, April 30, 2022, and July 31, 2022. The Company is currently focused on preparing its outstanding financial statements so that it will be in compliance with its regulatory requirements.
About Us
NetCents Technology Inc., the transactional hub for all cryptocurrency payments, equips forward-thinking businesses with the technology to seamlessly integrate cryptocurrency processing into their payment model without taking on the risk or volatility of the crypto market. NetCents is registered as a Money Services Business (MSB) with FINTRAC.
For more information, please visit the corporate website at www.net-cents.com or contact Investor Relations at [email protected].
On Behalf of the Board of Directors
NetCents Technology Inc.
“Clayton Moore”
Clayton Moore, CEO, Founder and Director
NetCents Technology Inc.
350 – 375 Water Street
Vancouver, BC, V6B 5C6
Cautionary Note Regarding Forward-Looking Information
This release includes certain statements that may be deemed “forward-looking statements” within the meaning of applicable Canadian securities laws (“forward-looking statements”). All statements in this release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements including without limitation, timing of finalizing and filing of the Company’s financial statements, , the expected closure procedure for the exchange, the expected growth and results of operations of the Company. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include regulatory actions, market prices, and continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates, and opinions of the Company’s management on the date the statements are made. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.
FOFI Disclosure
This press release contains future‐oriented financial information and financial outlook information (collectively, “FOFI”) about the Company’s future growth and expansion, all of which are subject to the same assumptions, risk factors, limitations and qualifications as set forth in the above paragraphs. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on FOFI. The Company’s actual results, performance or achievement could differ materially from those expressed in, or implied by, these FOFI, or if any of them do so, what benefits the Company will derive therefrom. FOFI contained in this press release was approved by management as of the date of this press release and was included in order to provide readers with information about management’s current expectations and plans relating to the future and such information may not be appropriate for other purposes. The Company disclaims any intention or obligation to update or revise any FOFI contained in this press release, whether as a result of new information, future events or otherwise, unless required pursuant to applicable law. Readers are cautioned that the FOFI contained in this press release should not be used for purposes other than for which it is disclosed herein.
[1] Unaudited financial information
Blockchain
From Onboarding to Settlement in Minutes: TransFi Launches BizPay to Redefine Global Business Payments
TransFi
The blockchain universe never sleeps. From pioneering cross-border payment systems in Central America to city-wide crypto strategies in New York City, today’s headlines reveal an industry maturing at breakneck speed. In this edition of Blocks & Headlines, we explore five landmark developments:
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Guatemala’s Banco Industrial integrates blockchain for seamless cross-border remittances.
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NYC Mayor’s Office unveils a comprehensive crypto and blockchain roadmap.
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OSR Holdings, BCM Europe & Taekwondo Cooperative sign an MOU to launch the OSRH token.
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Bybit’s “Chicken Trader” livestream—crypto meets poultry in the world’s first poultry-powered trading showdown.
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FIFA taps Avalanche to build a dedicated blockchain for its NFT platform.
These stories underscore three key trends reshaping the ecosystem:
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Institutional Adoption & Regulation: From national banks to municipal governments, legacy institutions are embracing decentralized technologies.
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Tokenization & Community Engagement: Strategic partnerships are launching specialized tokens that bridge niche communities with global markets.
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Innovative Use Cases: Whether gaming, entertainment, or live-stream events, blockchain’s versatility spawns ever-more creative applications.
Join us as we unpack the implications, weigh the opportunities, and forecast where these trajectories might lead.
1. Guatemala’s Largest Bank Integrates Blockchain for Cross-Border Payments
What Happened
Guatemala’s Banco Industrial, the country’s biggest financial institution, announced the deployment of a private‐permissioned blockchain network to streamline remittances from the U.S. into Guatemala City and beyond. The solution reduces settlement times from days to minutes, cuts fees by up to 60 %, and offers real-time traceability for senders and receivers.
Source: Cointelegraph
Analysis & Commentary
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Financial Inclusion Boost: Remittances account for over 12 % of Guatemala’s GDP. By minimizing friction and cost, blockchain integration will extend financial services to remote communities reliant on diaspora funds.
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Risk & Compliance: Permissioned networks allow Banco Industrial to retain AML/KYC controls, mitigating concerns around illicit flows. This hybrid approach demonstrates that enterprise blockchain can balance decentralization with regulatory rigor.
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Regional Ripple Effects: Neighboring Central American banks are watching closely. Should Guatemala’s pilot succeed, we can expect a domino effect across El Salvador, Honduras, and Costa Rica—each seeking to capitalize on faster, cheaper cross-border rails.
Implications
Legacy banks worldwide should view this as a blueprint: private blockchains can coexist with existing compliance frameworks while delivering transformative user benefits. Early movers will capture remittance market share and cultivate fintech partnerships across the Latin American corridor.
2. NYC Mayor Unveils Ambitious Crypto & Blockchain Agenda
What Happened
New York City Mayor Eric Adams detailed his administration’s multi-pronged strategy to make NYC a global crypto hub. Key initiatives include:
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A regulatory sandbox for crypto startups to pilot DeFi, NFTs, and token-based fundraising under city supervision.
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Partnerships with CUNY and Columbia University for blockchain research and talent development.
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Deployment of a blockchain-based public record system for land titles and business registrations.
Source: GovTech
Analysis & Commentary
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Regulatory Harmony vs. Overreach: By offering a controlled sandbox rather than blanket deregulation, NYC signals a nuanced stance—encouraging innovation without sacrificing consumer protection.
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Talent Pipeline: Academic partnerships aim to remedy the talent shortage plaguing blockchain firms. Local graduates trained in distributed ledger technologies (DLT) will feed startups, financial institutions, and government agencies.
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Public Services on Chain: Land registries and business filings on blockchain promise greater transparency and fraud reduction. If scaled effectively, NYC could set a global standard for government-blockchain integration.
Implications
Other major cities—London, Singapore, Dubai—will feel pressure to match NYC’s playbook. Municipal leaders should prioritize sandbox frameworks and academia-industry liaisons to nurture homegrown crypto ecosystems.
3. OSR Holdings, BCM Europe & Taekwondo Cooperative Launch OSRH Token
What Happened
OSR Holdings, BCM Europe, and the Taekwondo Cooperative signed a strategic Memorandum of Understanding to co-develop the OSRH token, a blockchain-based digital asset aimed at supporting global Taekwondo practitioners. Features include:
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Membership Rewards: Tokens earned through event participation, coaching certifications, and tournament wins.
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Decentralized Governance: Athletes vote on sponsorship allocations and rule-change proposals via on-chain ballots.
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Marketplace Integration: A dedicated NFT marketplace for Taekwondo memorabilia, from digital belts to highlight reels.
Source: PR Newswire
Analysis & Commentary
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Niche Tokenization: OSRH token exemplifies the power of community-focused tokens. By aligning incentives with passion points—training, competition, governance—stakeholders gain ownership and engagement.
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Governance Innovation: Athlete-driven decision-making on sponsorship and funding disrupts top-down federation models. This could democratize sports governance across disciplines.
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Commercial Ecosystem: The NFT marketplace offers monetization channels for athletes and federations alike. Strategic royalties on secondary sales ensure sustainable funding.
Implications
Other sports federations and niche communities should explore token models that blend rewards, governance, and commerce. Successful launches will hinge on clear utility, user education, and regulatory compliance in key jurisdictions.
4. Bybit Presents “Chicken Trader”: The World’s First Poultry-Powered Trading Showdown
What Happened
Cryptocurrency exchange Bybit debuted “Chicken Trader,” a live-streamed event where two contestants trade crypto pairs—and manage live chickens—to earn “Egg Points.” Viewers can stake on their favorite trader, earning NFTs and token rewards based on performance.
Source: PR Newswire
Analysis & Commentary
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Gamification Meets DeFi: Chicken Trader’s fusion of live-stream engagement, staking mechanics, and NFTs exemplifies Web3’s playful ethos—turning trading into interactive entertainment.
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User Acquisition Strategy: Bybit gamified acquisition funnels, leveraging viral social content to onboard nontraditional crypto audiences intrigued by the novelty factor.
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Regulatory Tightrope: Combining staking with competition and livestock raises jurisdictional questions around gambling, securities, and animal welfare. Bybit must navigate diverse regulations to scale globally.
Implications
Other exchanges will replicate gamified formats to differentiate UX and grow communities. Yet long-term viability demands balancing flashy live-events with rigorous compliance, sustainable tokenomics, and authentic value for participants.
5. FIFA Taps Avalanche to Power Its NFT Platform
What Happened
Global soccer body FIFA selected the Avalanche blockchain to launch its official NFT marketplace, featuring digital collectibles—from World Cup highlights to player-card packs. Avalanche’s high throughput and low fees were cited as decisive factors.
Source: TradingView (via Cointelegraph)
Analysis & Commentary
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Scalability & Sustainability: Avalanche’s consensus mechanism delivers sub-second finality and carbon-offset commitments, aligning with FIFA’s environmental pledges.
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Fan Engagement: Tokenized highlights and limited-edition digital memorabilia expand revenue streams beyond broadcast rights, offering fans verifiable ownership and collectible provenance.
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Interoperability: Avalanche’s growing DeFi ecosystem enables future integrations—staking fan tokens, launching prediction-market games, or embedding NFT rewards in FIFA’s mobile apps.
Implications
Major sports leagues and entertainment brands eyeing NFT forays will scrutinize Avalanche’s performance under FIFA’s global load. Blockchain platforms must prove they can handle spikes during marquee events—kickoff times, finals, transfer windows—while preserving UX and sustainability goals.
Conclusion
Today’s Blocks & Headlines illustrate blockchain’s multifaceted evolution:
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Legacy institutions like banks and city governments are unlocking new efficiencies and transparency through private and public DLT networks.
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Community-driven tokens are redefining governance and monetization in sports and niche domains.
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Innovative engagement—from poultry-fueled trading spectacles to global soccer NFTs—demonstrates blockchain’s capacity for gamification, fan loyalty, and novel revenue models.
Yet with opportunity comes responsibility: scalable architectures must coexist with robust compliance; token economies require thoughtful design to sustain value; and regulators, academia, and industry must collaborate to craft frameworks that balance innovation with consumer protection.
As blockchain weaves deeper into finance, governance, entertainment, and sports, stakeholders who embrace strategic partnerships, prioritize user education, and invest in resilient infrastructures will lead the charge into Web3’s next frontier.
The post Blocks & Headlines: Today in Blockchain – May 22, 2025 appeared first on News, Events, Advertising Options.
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