nChain Group, a blockchain research, and development firm announced today they have taken an equity stake in Centbee, a Bitcoin Cash (BCH) wallet provider launching this year that makes it easy for global consumers to acquire, hold and spend BCH 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 BCH 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, “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 Reaction financially backs products and applications that make Bitcoin Cash more globally usable 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.