NEM Ventures Announces Investment in Cyclebit – Cyclebit
Leading Venture Capital Firm Invests in Cyclebit to Make Crypto Adoption Mainstream with POS Terminals.
Bitcoin Garden reports: NEM Ventures, the venture capital and investment arm of the NEM blockchain ecosystem, has made a strategic investment in Cyclebit, a leading provider of simple, affordable and robust tools for retailers to accept cryptocurrencies and fiat for in-store, online and on-the-go purchases.
Commenting on the announcement, Dave Hodgson, Director and Co-founder of NEM Ventures, said: “Cyclebit is already an established player in the crypto and fiat payments space, and we are thrilled to make a strategic investment in this project at a time of major growth for the organization. With an existing global presence and the potential to help bring crypto to the mainstream, we are aligned in our vision to bring crypto to mass adoption.”
Cyclebit is committed to paving the road to the mass adoption of cryptocurrencies by partnering with brick-and-mortar retailers around the world and installing point of sale (PoS) terminals that allow consumers to pay in crypto. In doing so, Cyclebit is bridging the gap between traditional businesses and shoppers who wish to transact using new digital currencies. With terminals field-tested and in use in Europe, SEA and North America, the Cyclebit platform supports millions of transactions per month.
Demand for easy payments with digital currencies grows. Today its applications include not only commerce but municipal finance as well. For example, Canadian citizens today can pay their municipal taxes in crypto as well as in fiat money. A number of other developed countries are also on the frontiers of digital asset adoption: Ohio in the US accepts some taxes in crypto. Growing demand calls for a robust and ready-for-deployment system that will make digital assets usable.
Going back to usability, the Cyclebit plans to release a Cyclebit wallet in early 2020 in collaboration with Tangem, the creators of the first smart banknote for digital assets. The wallet will serve as a universal wallet compatible with various fiat and crypto assets, enabling users to use their digital money just like they use a contactless bank card. Users will be able to manage their funds via one wallet app on their smartphone while keeping assets secure in cold storage.
By linking customers, merchants, exchanges, and coin issuers, Cyclebit fosters a community of users globally. Based in Sweden, Cyclebit is continuously growing into new markets and regions. The company plans to expand to new territories in the coming months, with launches planned in Japan, Korea, Germany, Italy and the UAE.
Cyclebit has enabled users to pay with NEM’s native cryptocurrency, XEM, since 2018, and this strategic partnership investment will further support the growth of NEM’s Catapult technology leading up to its launch in early 2020. It will also provide the ability to scale up the existing global service throughout North America, bringing the ability to pay in XEM and Catapult tokens to retailers in those countries.
Sameer Pirani, CEO of Cyclebit Canada, commented: “The upcoming Catapult launch will undoubtedly make waves in the industry, and we are excited to be partnering with NEM Ventures at this monumental time. This investment makes it possible to continue scaling our PoS terminals globally, and we can’t wait to continue diversifying our user base with a major industry player by our side.”
As the venture capital and investments arm of the NEM Blockchain ecosystem, NEM Ventures promotes the growth of NEM technology through strategic investment in meaningful, high-tech projects. NEM Ventures seeks to invest in projects which demonstrate long-term potential and the desire to promote the growth of the blockchain ecosystem.
Published at Tue, 26 Nov 2019 12:40:34 +0000
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