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Cryptocurrencies: 28952
Markets: 114105
Market Cap: $2,602,434,294,285     
24h Vol: $59,361,538,606
Seeking Alpha 2023-01-17 15:34:05

NetCents to shutter crypto exchange to focus on merchant processing business

NetCents to shutter crypto exchange to focus on merchant processing business
NetCents Technology ( OTC:NTTCF ) said Tuesday it will shutter its cryptocurrency exchange, effective immediately, to streamline its operations and focus on revenue-generating merchant processing product streams. The exchange accounted for less than 0.5% of NetCents' ( OTC:NTTCF ) estimated total revenues in FY22 and is no longer cost effective to maintain. In November, NetCents ( OTC:NTTCF ) ceased receiving fiat or crypto deposits to the exchange. However, users were still able to withdraw their fiat funds or cryptos from the exchange. Trading of NetCents' ( OTC:NTTCF ) stock remains halted as the company is yet to file financial statements for various periods. The company is focused on preparing its outstanding financial statements to regain compliance with regulatory requirements. Earlier, NetCents ( OTC:NTTCF ) appointed Sholeh Atash as operating chief .
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