[South Africa] Centbee, bitcoin wallet and merchant payment ecosystem, attracts funding from nChain
nChain Group, the leading blockchain research and development firm, has taken an equity stake in Centbee, a Bitcoin wallet provider that makes it easy for 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 Ltd.
Based in South Africa, Centbee was founded by co-CEOs, Lorien Gamaroff and Angus Brown. Gamaroff is a leading expert in blockchain technologies and cryptocurrencies.
He has consulted and advised regulators and corporates internationally and is highly regarded globally as an educator and presenter. Brown has 20 years' experience in payments and banking including holding the role of CEO of eBucks, a world first bank-backed digital currency created in 2000.
"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," says 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 South Africa and other jurisdictions to educate and inform and to address any regulatory risk."
Gamaroff explains that, "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."
nChain Group CEO Jimmy Nguyen remarks: "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."
nChain Reaction financially backs products and applications that make Bitcoin Cash more globally useable as peer-to-peer electronic cash. 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 USD $1.5 million Series A funding round for Yours.org, the Bitcoin Cash-based social network.
The Centbee Wallet becomes available in the Apple and Google Play stores in 2018.