NetCents Technology Inc., a cryptocurrency payments technologies company, provide further information regarding the institutional credit facility that it received totaling $1.4 billion to power merchant settlements.
NetCents has partnered with Bison Digital LLC, backed by BKCoin Capital LP, to use its merchant order flow as a supply for a short-term crypto portfolio. The credit facility will enable NetCents to have money in the market over an extended period and profit from arbitrage opportunities. The earnings from this arbitrage will ultimately allow NetCents to reduce fees to its client base.
"In the short time we've been working together, NetCents has quickly become our most strategic partner for cryptocurrency advisory," stated Kevin Kang, Founding Principal and Chief Investment Officer of BKCoin Capital. "We look forward to continuing to develop this relationship as its volume continues to grow rapidly, leveraging our depth and experience in managing and trading multi-asset portfolios to drive a new profit center for all parties."
BKCoin Capital is a digital assets quantitative hedge fund, dedicated to delivering consistent, uncorrelated absolute returns through Market Neutral - Long/Short, Arbitrage strategies. The team has over 45 years of wide-ranging experience on Wall Street, including managing and trading over $40 billion of multi-asset portfolios at several of most established financial institutions such as AllianceBernstein, Evercore ISI, JPMorgan, Merrill Lynch, and other hedge funds.
"As NetCents grows its already impressive merchant base, upcoming product offerings such as the NetCents Cryptocurrency Credit Card will drive growth in order flow that will supply the short-term crypto portfolio," stated Carlos Betancourt, Co-Founder and Managing Partner of Bison Digital. "We anticipate quickly outgrowing our $5 million daily credit facility and will look to expand."
Bison Digital is a FinTech company that provides a venue for exchanges, payment processors, and other corporations looking for liquidity in the cryptocurrency market. The firm aggregates liquidity from some of the world's biggest exchanges, OTC Desks, and other liquidity providers under a single API.
"I believe that our dedication to developing best in class solutions has facilitated the institutional relationships we are using to grow opportunities in the blockchain and crypto space. I look forward to scaling the business we have built through these strong partnerships," stated Clayton Moore, Founder and CEO of NetCents Technology.