A crypto company that enables thousands of retailers to function as virtual ATMs for an array of cryptocurrencies has recently processed its largest single transaction to date, valued at over $3.44 million.
Netcoins, which is aiming to simplify the process of buying and selling crypto by offering the public a trustworthy source for making purchases, says its performance has been strengthening — even despite the recent turbulence seen in the market.
Mark Binns, the company’s CEO, said, “Despite the bear crypto market that is upon us, Netcoins continues to grow the top line transactional revenue number.” Binns went on, saying:
“We have built our business on transactions and volume in the crypto marketplace, not the value of any underlying crypto asset. Volatility in the market – buying and selling volume – supports our business.”
Taking on payment giants
As transactions grow, and the number of retailers where crypto can be bought using Netcoins’ platform increases — with more than 171,000 locations around the world — it has a bold ambition: to mount a challenge against a giant player in the payment processing world.
Square is a payment processing company which only expanded into the crypto space at the beginning of 2018, after releasing an app that enables users to send money to friends and family for free. It made the news after it started to test support for cryptocurrency toward the end of 2017 with a limited number of customers — and by the third quarter of 2018, $43 million of the company’s $882 million revenues was from Bitcoin.
Netcoins is taking a different approach by developing software that better facilitates the purchase and sale of cryptocurrencies for users.