Crypto Company Offering Virtual ATMs Hits New Daily Highs

A crypto company that enables thousands of retailers to function as virtual ATMs for an array of cryptocurrencies has recently processed its largest single transaction to date, valued at over $3.44 million.

Netcoins, which is aiming to simplify the process of buying and selling crypto by offering the public a trustworthy source for making purchases, says its performance has been strengthening - even despite the recent turbulence seen in the market.

"We have built our business on transactions and volume in the crypto marketplace, not the value of any underlying crypto asset. Volatility in the market - buying and selling volume - supports our business."

Taking on payment giantsAs transactions grow, and the number of retailers where crypto can be bought using Netcoins' platform increases - with more than 171,000 locations around the world - it has a bold ambition: to mount a challenge against a giant player in the payment processing world.

Square is a payment processing company which only expanded into the crypto space at the beginning of 2018, after releasing an app that enables users to send money to friends and family for free.

According to Dave Kennett, vice president of sales at Netcoins, "With a market cap of $28.9 billion, Square is no doubt a big contender in the field. Netcoins, on the other hand, weighs in at much smaller market cap of around $11.87 million, approximately 2,400 times smaller than Square. The crypto revenues tell a slightly different story."

Kennett added that, despite Netcoins' much smaller market cap, it's crypto net revenues are almost half that of Square's: $240,517 against $500,000.

"Netcoins enjoys a higher third quarter profit margin at 1.4 percent compared to Square's 1.2 percent. It is equally impressive that this growth is being achieved in the face of a crypto bear market, where companies such as Binance have publicly stated that their volumes are down approximately 90 percent over the peak from earlier this year," he said.

Through this payment method, consumers can buy vouchers in-store and then redeem them online for crypto - paying either by cash or by debit and credit cards.

Based in Canada, Netcoins is continuing to focus on expanding its offering to as many territories as possible.