Leading Venture Capital Firm Invests in Cryptocurrency Transaction Provider to Further Mainstream Adoption with PoS Terminals.
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 bridging a crucial gap in 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, which is already allowing some Canadian citizens to pay their municipal taxes in crypto and fiat, for example. With 200,000+ PoS terminals at present, the platform supports millions of transactions per month.
Further to PoS terminals, the Cyclebit wallet is set to be released in early 2020 in collaboration with Tangem, who are the creators of the first smart banknote for digital assets. The wallet will serve as a universal wallet for all fiat and cryptocurrencies, enabling users to load their credit cards onto Cyclebit. Users will be able to manage their funds via one wallet, while keeping assets secure in cold storage.
By linking, customers, merchants, exchanges, and coin issuers, Cyclebit fosters a community of users globally. Based in Canada, 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 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, 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 the 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.
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