NetCents Technology (CSE: NC) this morning reported its transactional volume on its cryptocurrency payments system. The company revealed total volume of just over $6.7 million for the month of February, a significant decline from volume seen in the month of January.
Interestingly, the company on February 9, indicated that its NC exchange conducted approximately $4.2 million in volume for the month of January 2021. The company then on February 17 indicated that a total of $8.2 million in transaction volume occurred in January, resulting in a decline of 18.3% month over month. The company reportedly saw an increase in the average transaction value rise from $1,978 to $2,191 over the course of the month.
Most interestingly however, is that the company saw a decline in the use of Bitcoin as a currency. This apparently corelates to the rise in valuation of the digital currency, with the company indicating that the coin becomes an appreciating asset rather than a transactional currency when the value improves. During these times, currencies like Litecoin and Ethereum tend to perform as the dominant transactional currency as per the company.
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Revenue figures for the month were not provided. The company also indicated that the month of March has seen $1.6 million in volume conducted on its platform already as well.
NetCents Technology last traded at $0.91 on the CSE.
Information for this briefing was found via Sedar and NetCents Technology. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
