I promised you more updates and transparency and I’m holding myself to my words. I may not always give you this many, but there is a lot going on right now behind the scenes at NetCents, so I have a lot of information to share. This is a quick follow up to our announcement yesterday that we pushed our first merchant live over the weekend.
I’m happy to report that everything went smoothly and we successfully processed over 40 cryptocurrency transactions with the merchant we mentioned previously. I mentioned in my previous post that prior to launching with NetCents, they processed over $100,000 USD per month in cryptocurrency transactions. Well, if we keep on track with the weekend processing amounts, we are on target to meet that number.
I do have to admit something to you. I told a white lie in my last blog post. We didn’t push a merchant live over the weekend, we pushed two! Our development team under promised and over delivered for us. Between the two merchants, we processed approximately $10,000 USD worth of cryptocurrency transactions on Saturday and Sunday. And remember, just with our current signed contracts, we have access to nearly 80,000 merchants. Now that’s starting to sound like math I can get behind.
If you recall from our previous Financial Statements and MD&A, we cut off our traditional payment processing and the processing volume and revenue that we received from these merchants. I hope you are starting to see the vision that we did internally and why we chose to move in the direction that we did.
We’ve been quiet in regards to NCCO and we are still going to need to be in the short term. I mentioned that we haven’t focused any marketing efforts behind the coin, yet. This will be changing in the future – I don’t have a timeline for you just yet though. We’re working on some big advancements to the coin, but like with everything we do, we run it by our lawyers to make sure that we stay within the regulations to ensure the longevity and success of the rollout.
This process has taken us longer than we would have liked. The people that we are working with on the coin are used to doing things the old way and unfortunately, we’ve had to hold their hands through this process. We’ve been bound by their archaic ways while we work through this, but we can see the light at the end of the tunnel. Bear with us and we will get there momentarily.
You know the saying, good things come in threes? Well, that’s definitely true at NetCents. Stay tuned for more great news later this week from us.
Shorty what you want? I got what you need. All the way up.
PS. I’m a little sad that my song references have been missed, so here’s today’s inspiration. Turn up the volume, please.