NetCents Technology and Vesto LLC Announce Strategic Joint Venture
Vancouver, British Columbia, San Francisco, California, Munich, Germany and London, U.K. – March 1, 2021 – NetCents Technology, Inc. (CSE: NC) (FSE: 26N) (OTCQB: NTTCF) (“NetCents”) and Vesto LLC, (“Vesto”) a Wyoming limited liability company are proud to announce the signing of a Term Sheet outlining the creation of a Joint Venture technology license arrangement to offer the most complete crypto banking-as-a-service offering on the market. NetCents is republishing this news from last Friday with some additional detail below.
The combined feature sets and capabilities of the Vesto suite are unmatched in the market, including:
- Multi-Sig vWallet –
- Cold Storage –
- Crypto Deposit Insurance- ,
- DeFi Insurance –
- Advanced DeFi Protocols –
- BTC buy / sell,
- BTC Payments via POS Retail & Online Merchants –
- EMV Payments & Global Transfers via Stablecoins (USDC & Dai), and
- Fiat On / Off Ramping Bank Partners, among other key attributes.
NetCents (with regulatory approval) intends on enabling Vesto’s white-label crypto banking-as-a-service platform, via APIs and SDKs, to begin enabling its retail and institutional customers seamless access to Vesto’s DeFi Protocols, among other strategic initiatives.
The definition of DeFi from Coin Telegraph: DeFi protocols allow users to become lenders or borrowers in a completely decentralized fashion, such that an individual has complete control over their funds at all times. This is made possible via the use of smart contracts that operate on open blockchain solutions such as Ethereum. In contrast to CeFi (Centralized Finance), DeFi platforms can be used by anyone, anywhere without them having to hand over their personal data to a central authority.
“DeFi is a great concept – but it needs a platform like NetCents to make it understandable to the mainstream – and we are uniquely positioned to achieve that.” Stated Mr. Moore “Regulators aren’t going to be excited about DeFi without someone like NetCents there to protect investors from loss in some way. NetCents intends to screen DeFi players, and will make sure that investors will continue to be able to have access to their funds even if a user does something like forget the password they have on their account.” Clayton continued.
The Term Sheet contemplates Joint Venture technology licensing between the parties and an option for NetCents to invest in Vesto and hold a significant ownership stake in Vesto at a future date.
“NetCents has been a pioneer and leader in Crypto Payments and its advanced crypto payment processing platform has user access to 40 million merchants worldwide, the clear choice! In talking to banks globally, there is a clear need and desire by banks to offer to their merchants the ability to pay with crypto. We could not be more excited about this tech JV to offer the most complete combined-stacks on the planet!”
Christopher McGregor, Chief Executive Officer & Co-Founder of Vesto.
About Vesto (www.vesto.io):
Vesto has developed the most advanced crypto banking-as-a-service platform on the planet through the integration of several distinct but powerful components including smart contracts, blockchain, stablecoin, fiat on / off ramp bridges, a secure multi-signature wallet, decentralized finance services (“DeFi”) technology and powerful KYC and AML solutions. Peace of mind is a vital focus for Vesto with security a cornerstone of the solution architecture combined with both rigorous independent security assessment and consumer deposit protection insurance. Available to banks and financial institutions as a white label solution, the Vesto platform provides a simple user experience (UX), unlocks access to a new generation of financial products, while simultaneously managing reporting for regulatory, risk and compliance purposes.
Coincover: Vesto is partnered with UK-based Coincover to provide cold storage protection services as the ultimate safety net to protect crypto assets on deposit with Vesto’s Multi-Sig vWallet. Via Coincover, all crypto assets on deposit are insured and underwritten by Lloyd’s of London Insurers.
For press enquiries contact:
Prof. Carsten Bartsch, PhD
Chief Marketing Officer, Vesto
Vesto LLC – San Francisco, Vesto GmbH – Munich, Vesto Technologies Ltd. – London. ©2020. All rights reserved. Platform and tech covered by pending patent applications.
Disclaimers: Management would also like to inform investors that many of the concepts embraced by these DeFi platforms have not been vetted by the many authorities that regulate financial products. NetCents intends to work together with regulators to navigate this landscape and resolve with a compliant product. For Example: Fintech businesses seeking to bring a novel product or service to the market can seek regulatory relief through regulatory sandboxes such as the Ontario Securities Commission’s LaunchPad or the British Columbia Securities Commission’s SandBox.
Furthermore, businesses that distribute, trade or advise in crypto assets that are securities are required to comply with securities laws (in particular, registration and prospectus requirements), which can be onerous. There are many exemptions for specific types of distributions, trades, and other activities and NetCents intends to research these exemptions rigorously. These exemptions, at a high level, may limit the types of investors that can participate or the investment amounts, or may require the preparation of disclosures to investors and filing of a disclosure document.
Management looks forward to providing more updates on business developments in the coming weeks.
In addition, the Company has granted 600,000 stock options at $0.77 to an employee for a five year period.
NetCents Technology Inc, the transactional hub for all cryptocurrency payments, equips forward-thinking businesses with the technology to seamlessly integrate cryptocurrency processing into their payment model without taking on the risk or volatility of the crypto market. NetCents Technology is registered as a Money Services Business (MSB) with FINTRAC.
On Behalf of the Board of Directors
NetCents Technology Inc.
Clayton Moore, CEO, Founder and Director
NetCents Technology Inc.
1000 – 1021 West Hastings Street
Vancouver, BC, V6E 0C3
Cautionary Note Regarding Forward-Looking Information
This release includes certain statements that may be deemed “forward-looking statements”. All statements in this release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include regulatory actions, market prices, and continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates, and opinions of the Company’s management on the date the statements are made. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.