NEM Ventures Invests in Crypto PoS Provider Cyclebit

NEM Ventures, the funding and investment arm of the NEM Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term biological system, has made a strategic investment in Cyclebit, a crypto point of sale (PoS) terminals provider.

The new funding expands the current partnership with Cyclebit, which has enabled users to pay with NEM’s native cryptocurrency, XEM, since 2018. Ahead of NEM’s Catapult launch, in early 2020, the partnership scales the existing global service throughout North America.

Holders of XEM and Catapult tokens will be able to use their digital assets to make purchasing in brick-and-mortar retailers, including stores, cafes, restaurants, and even service companies.

Cyclebit aggregates more than 200,000 crypto-capable POS terminals in Europe, Asia, and Canada. It allows users to pay for goods using POS terminals, including contactless Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term, making the process of paying with crypto much like to the purchasing with traditional bank cards.

Cyclebit adds wallets to its offering

Cyclebit also plans to launch its own wallet in early 2020 in collaboration with Tangem, enabling users to load their credit cards while keeping crypto assets secure in cold storage.

Earlier in March, NEM Ventures, the VC arm of the NEM blockchain ecosystem, made its first venture in Vimba, a New Zealand based platform that allows users to convert funds in their bank accounts into cryptocurrency.

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.”

NEM Ventures co-founder Dave Hodgson 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.”