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.
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.
As the founder of The Deep Dive, Jay is focused on all aspects of the firm. This includes operations, as well as acting as the primary writer for The Deep Dive’s stock analysis. In addition to The Deep Dive, Jay performs freelance writing for a number of firms and has been published on Stockhouse.com and CannaInvestor Magazine among others.