SA bitcoin wallet provider Centbee announces funding from nChain Group

SA bitcoin wallet provider Centbee has announced that it has received an equity investment from blockchain research and development firm nChain Group. The announcement was made by the nChain Group in a press release yesterday.

Centbee 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 Ltd.

When contacted via email Centbee co-founder Lorien Gamaroff  did not want to disclose details of the amount of funding or stake that nChain Reaction has taken in the startup.

“I can’t say much other than nChain is the only investor in this funding round and the funding is sufficient for Centbee to meet its envisaged product roadmap,” said Gamaroff.

When contacted nChain Reaction’s media liaison Matthew Gilleard said the company is the only investor in this funding round. “The investment amount is confidential but is sufficient for Centbee to meet its planned product roadmap,” he said.

In a press release yesterday Gamaroff said in addition to the investment, nChain’s research, intellectual property and expertise would help enable Centbee to become a “powerful and secure” wallet provider which will open up Bitcoin merchant payments to a global market.

The startup was founded by Gamaroff and Angus Brown. Gamaroff is a leading expert in blockchain technologies and cryptocurrencies and has advised regulators and large companies internationally.

Centbee, which makes it easy for a global consumers to acquire, hold and spend Bitcoin with retailers, has received an investment for an undisclosed sum from the nChain Group

Brown has 20 years’ experience in payments and banking including the role of CEO of eBucks.com, a world-first bank-backed digital currency created in 2000.

“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,” 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 the region to educate, ensure good governance and to address any regulatory risk.”

Remarked nChain Group CEO Jimmy Nguyen: “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 says on its website that the Centbee deal is the company’s second Bitcoin Cash-enabling investment within the past month. NChain previously participated in a $1.5 million Series A funding round for Yours.org, the Bitcoin Cash-based social network.

The Centbee Wallet will be available in the Apple and Google Play stores in early 2018.

Featured image: Centbee co-founder Lorien Gamaroff 

*This article was updated on 31/01/2018 to include emailed responses from Centbee co-founder Lorien Gamaroff and nChain Reaction’s media liaison Matthew Gilleard