NetCents Technology recently entered a three-year exclusive enterprise licensing agreement with Post Socratic Ventures (PSV) and has added Bitcoin Cash to the NC Exchange.
NetCents is an online payment-processing platform that offers consumers and merchant services for managing electronic payments. It uses innovative blockchain technology to provide easy-to-use and secure payment solutions. PSV works in payment, blockchain, tourism, and telecommunications industries.
Crypto Block Wire report that PSV director Carlo Mendez chose the NetCents platform based on their Instant Settlement Capability, and their ability to remove volatility risk for their merchants. “We are confident that NetCents is the perfect partner due to their game-changing platform and their addition of Bitcoin Cash to the platform to service demand from our current partners,” stated Mendez.
Through this agreement, NetCents has assigned PSV exclusive rights to the Caribbean region. Newswire provides the entire list of these regions, which includes Aruba, Bahamas, Barbados, British Virgin Island, Cayman Islands, and Trinidad and Tobago. The addition of Bitcoin Cash (BCH) to PSV is primarily due to the demand from merchants and partners in the tourism, crypto tourism, and luxury hospitality industries based in the Caribbean. It is the first of two stages, where users can now deposit, withdraw, and trade BCH for fiat and cryptocurrencies supported by the NC exchange.
Investing News detail how the second stage, includes the integration of BCH into the NetCents Merchant Gateway, which will subsequently allow BCH holders to use NetCents merchants who accept the cryptocurrency.
Cryptocurrency is expanding at a steady rate around the globe. Despite it’s popularity, one of the biggest impediments are government rules and mandates due to its unregulated nature. However, the Caribbean, a region known for slow economic growth and high levels of debt, is showing signs of embracing cryptocurrency, with Caribbean governments exploring how they can help improve local economies. Puerto Rico is considering adopting cryptocurrencies in order to help its economy get back on track after Hurricane Maria last year. Such is the appeal of this new form of finance that the Eastern Caribbean Central Bank is looking to develop their own cryptocurrency called the Digital Eastern Caribbean Dollar (DXCD). Finance website FXCM state that cryptocurrencies are expected to become the new standard of money with financial institutions across the globe integrating blockchain into their operations. The recent addition of BCH in the Caribbean, through PSV, is the latest example of its growth.
A 2015 World Bank Report showed that about half of the Caribbean population do not have access to basic banking services. Cryptocurrency could be considered an effective alternative, as users would be able to send and receive funds online without having to pay banking fees. The adoption of cryptocurrency will grow when middle-class consumers start using it regularly. While cryptocurrencies like Bitcoin may not help the Caribbean’s woes, the region is quickly adapting to this new form of finance.