Bitcoin, the leading cryptocurrency, continues to go mainstream.
More people are interested in trading or investing in bitcoin, but few retailers accept cryptocurrency at a point of sale (PoS).
Bitcoin is positioned as a solution to emerging markets such as Africa, where millions of people still do not have convenient access to the traditional banking system.
So what needs to be done to enable merchants to accept Bitcoin Cash at point of sale?
A South African startup that has become a major player in the cryptocurrency market is attempting to change that.
Centbee, a secure Bitcoin Cash wallet developed in South Africa for the global market, announced on Friday a partnership with global blockchain leader nChain to make it easy for retailers to accept Bitcoin Cash at point of sale?
The aim of the partnership is to fast-track the development of a bitcoin merchant PoS software development kit (SDK) for the worldwide market.
This SDK is an open-source set of tools, processes and interfaces that software developers and system integrators can use to enable retailers to easily and quickly accept Bitcoin Cash at the till-point.
“Merchant acceptance of Bitcoin has been very limited to date,” Angus Brown, Centbee co-CEO says.
“Centbee announced earlier this year that we would roll out mechanisms for merchants to accept Bitcoin Cash payments without exposure to price volatility and without installing new terminal hardware. This SDK is that global payment system.”
Last year, Centbee successfully piloted the acceptance of Bitcoin payments at retail PoS.
In January 2018, nChain’s investment arm, nChain Reaction, made an equity investment in Centbee.
The “Internet of Transactions”
nChain wants to transform how the world conducts all transactions – using the blockchain’s distributed, decentralised ledger that chronologically records transactions in an immutable way.
That’s why nChain is funding the bitcoin merchant PoS software development project.
nChain’s objective is to promote its vision of making it easy for everyone to use Bitcoin Cash for payments.
Bitcoin Cash fulfils the original vision for Bitcoin as a peer-to-peer electronic cash system specifically built for worldwide transactions.
“As Centbee has focused on user-friendly Bitcoin wallets and merchant payment solutions we have partnered with them to ensure retailers can accept Bitcoin Cash at in-store points of sale for goods and services,” nChain Group CEO Jimmy Nguyen says.
“This SDK will make it easier for merchants, through their PoS systems, to join the world of bCommerce. Centbee smartly embraces Bitcoin Cash because of its bigger blocks, low fees and fast transaction network represent the true vision of Bitcoin.”
Based in South Africa, Centbee was founded in 2016 by co-CEOs, Lorien Gamaroff and Angus Brown.
Brown has 20 years’ experience in payments and banking including the role of co-founder and CEO of eBucks.com, a world-first bank-backed digital currency created in 2000.
Gamaroff is a leading expert in blockchain technologies and cryptocurrencies. He has consulted and advised regulators and large companies internationally and is highly regarded globally as an educator and presenter.
“We are excited about what Centbee is doing – helping crypto to go mainstream and providing real-world transactional capability. The Centbee origin story is also a good one as Lorien and Angus met at AlphaCode,” Dominique Collett, Head of AlphaCode says.
“This is a great example of how putting smart people in a room together can unlock creative, new ideas and hopefully spawn large, successful businesses. This was the premise of establishing AlphaCode as a fintech community – to stimulate the development of the next generation of financial services entrepreneurs.”