SA Bitcoin wallet picks up funding from global blockchain firm
nChain Group, a global blockchain research and development firm, has taken an equity stake in Centbee, a Bitcoin wallet provider that makes it easy for a global consumers to acquire, hold and spend Bitcoin with retailers and other merchants.
The funding deal was made through the nChain Group’s investment entity, nChain Reaction.
Based in South Africa, Centbee was founded by co-CEOs, Lorien Gamaroff and Angus Brown. Gamaroff is an expert in blockchain technologies and cryptocurrencies. Brown is the former CEO of eBucks.com.
“Centbee will be rolling out mechanisms for merchants to accept Bitcoin payments more cheaply and securely than current bank payment systems without exposure to price volatility. We will work closely with merchants in South Africa initially to solve local problems,” said Brown.
“In addition, we will help consumers move money simply and cheaply across borders to support family and friends. We have been working closely with regulators in the region to educate, ensure good governance and to address any regulatory risk.”
“In addition to providing financial investment, nChain’s research, intellectual property and deep technology expertise will enable Centbee to become a powerful and secure wallet provider which will open up Bitcoin merchant payments to a global market,” said Gamaroff.
nChain Group CEO Jimmy Nguyen said: “Centbee has one of the most user-friendly Bitcoin wallets and merchant payment solutions we have seen. It smartly embraces Bitcoin Cash because its bigger blocks, low fees and fast transaction network represent the true vision of Bitcoin. We look forward to supporting Centbee as it sparks greater merchant and consumer adoption of Bitcoin Cash in sub-Saharan Africa and beyond.”
The Centbee deal represents nChain Reaction’s second Bitcoin Cash-enabling investment within the past month. As announced in mid-January 2018, nChain Reaction previously participated in a $1.5 million Series A funding round for Yours.org, the Bitcoin Cash-based social network.
Centbee is a gold member of AlphaCode, the fintech investment arm of Rand Merchant Investment Holdings.
The Centbee Wallet is set to become available in the Apple and Google Play stores in early 2018.
Read: How SA stock exchanges could incorporate blockchain technology
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