International blockchain research and development company with offices in the United Kingdom and Canada, nChain Group, has taken an equity stake in South Africa's Centbee - a Bitcoin-Cash wallet provider that makes it easy for global consumers to acquire, hold and spend Bitcoin with retailers and other merchants.
The terms, conditions and amount of money involved were not made public.
"Centbee will be rolling out mechanisms for merchants to accept Bitcoin Cash payments more cheaply and securely than current bank payment systems without exposure to price volatility. 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 South Africa and other jurisdictions to educate and inform and to address any regulatory risk," said Angus Brown, co-CEO at Centbee.
South Africa's Centbee was founded by Lorien Gamaroff and Angus Brown, both who serve as co-CEOs at the FinTech startup. Gamaroff is not new to the cryptocurrency ecosystem he has consulted and advised regulators and corporates internationally and is highly regarded globally as an educator and presenter on blockchain technology. Brown, on the other hand, has 20 years' experience in the financial services sector having held the role of CEO of FNB South Africa's eBucks.
"In addition to providing financial investment, nChain's research, intellectual property and deep technology expertise will enable Centbee to become a functional and secure wallet provider which will open up Bitcoin Cash merchant payments to a global market," said Gamaroff.
The Centbee deal is the second such investment deal that nChain has participated in during the past month to make Bitcoin Cash available to more people. nChain previously participated in a $1,5 million Series A funding round for Yours.org, the Bitcoin Cash-based social network.
According to the companies, the Centbee Wallet will become available in the Apple and Google Play stores during the course of 2018.