ILOCX will use the NetCents Merchant Gateway to power cryptocurrency transactions for its capital raising services.
ILOCX is a platform which raises non-equity capital for companies in a unique way by selling Initial License Offerings (ILO’s). It is a revenue-based method of raising capital, giving buyers the right to promote and or sell an underlying product or service and receive royalties based on the gross revenue of the company.
“The significance of this transaction is enormous for crypto holders everywhere, this partnership is giving them high quality alternative options for utilizing their capital currently locked in Bitcoin, Ethereum and various other altcoins,” said ILOCX CEO Edward Fitzpatrick in a statement.
“Hundreds of billions of dollars are sitting in crypto looking for new ways to put this capital to work, thanks to this partnership between NetCents and ILOCX we can say with confidence that the era of utilization is here.”
Shares in NetCents shot up 4.1% to $0.90 in the OTC Markets and 2.6% to $1.19 in Canada.
ILOCX’s first exchange platform allows its companies to list and sell an ILO to raise capital and enhance sales. ILOCX has signed 54 companies with more than 20 already listed on the exchange. Additionally, ILOCX will be approving the listing of 30 more companies over the coming weeks and has over 40 companies in the immediate pipeline.
As part of this exclusive agreement with NetCents, ILOCX has launched www.ILOcrypto.com, a specialist exchange focused on allowing anyone holding Bitcoin, Ethereum, and various other altcoins to use that cryptocurrency to buy ILO’s.
Through the merchant agreement, ILOCX will use the NetCents Merchant Gateway to power cryptocurrency transactions for its capital raising services. With $300 million in deals on the exchange to date, this platform demonstrates another way the NetCents and ILOCX partnership can tap into the hundreds of billions in crypto capital, giving crypto-holders alternative options for utilizing their capital and giving companies listing on ILOCX access to the capital they need.
Based in Vancouver, NetCents is an online payment processing platform as well as a transactional hub for cryptocurrency payments.
The company recently introduced its Zero Confirmation and Risk Analysis technology which validates cryptocurrency transactions before they are confirmed on the blockchain.
The company will license the technology to cryptocurrency payment processors, retailers and other businesses that are looking to clear a transaction before it is confirmed on the blockchain.
— (Story updated with stock action) —