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NetCents Technology Inc., a payment-processing gateway specializing in cryptocurrency, has partnered with the massive acquiring processor Worldpay. The deal is expected to boost adoption of cryptocurrency and stablecoins as mainstream payment options, according to NetCents.
NetCents’ gateway provides corporations, small and medium-sized businesses, startups, and blockchain companies, a crypto payment infrastructure that converts purchases made with cryptocurrency into local fiat currency in an effort to control the volatility of cryptocurrency valuations. Funds are deposited directly into the merchant’s account. Merchants can accept cryptocurrency payments from any digital wallet, and take multiple cryptocurrencies in addition to traditional payment methods, according to NetCents.
The company’s solutions are delivered through application programming interfaces.
“Our mission is to instill and enhance trust and security by delivering reliable crypto payment infrastructure,” NetCents chief executive Clayton Moore said in a statement. “This extends across businesses, financial institutions, and governments globally, enabling the seamless integration to accept various digital assets into their established workflows and processes, irrespective of their familiarity with the crypto space.”
The deal with 17-year-old NetCents may strengthen WorldPay’s hand in the cryptocurrency and stablecoin arena. In 2022, WorldPay began offering merchants the ability to receive settlement directly in USD Coin, a stablecoin backed by U.S. dollars and dollar-denominated assets.
Last September, WorldPay entered a pilot with Visa Inc. to settle transactions made over the Solana and Ethereum blockchain networks and authorized over the VisaNet network in fiat currency.
Worldpay’s deal with NetCents comes following an agreement announced last summer by Worldpay’s parent company, FIS Inc., to sell a 55% interest in the processor to the private-equity firm GTCR in a deal valued at $18.5 billion. The sale is expected to close early this year.
