NEM Ventures Invests In Crypto Service Platform Cyclebit
NEM Ventures, has announced its strategic investment in Cyclebit, a service provider of simple tools to retailers for accepting crypto and fiat currency as a mode of payment.
According to Dave Hodgson, the Director and Co-founder of NEM Ventures, Cycebit is already an established player in the crypto and fiat payments space, and the firm is thrilled to make a strategic investment in this project at a time of major growth for the organization.
With already an existing global presence and the potential to help bring crypto to the mainstream, the company is aligned in to the vision to bring crypto to mass adoption.
Cyclebit platform supports millions of transactions monthly, with more than 200,000+ PoS terminals actively available.
The partnership is expected to provide offline retailers globally an integration with its point of sale (PoS) terminals which would give users the opportunity to pay in crypto. With that, Cyclebit would be closing the between traditional businesses and shoppers transaction with cryptocurrency.
More Developments Expected On Cyclebit With The Investment Partnership
Together with the PoS terminals, Cyclebit wallet would be launched in early 2020, partnering with Tangem, who are the original creators of the first smart banknote for digital assets.
This way, the wallet will major as a universal wallet for every crypto and fiat currencies which will allow users the chance to load their credit cards to Cyclebit. With that, users can manage their funds with one wallet and securely keep their wallets in cold storage.
Since 2018, Cyclebit has begun enabling users the chance to pay with NEM’s native cryptocurrency, XEM, and this relational investment will be a major boost to supporting the growth of NEM’s Catapult technology waiting for launch in 2020.
Also, it would be providing capacity to scale the already active global service throughout North America, allowing payment in XEM and Catapult tokens to transact within the country.
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OlowoI am olowoporoku adeniyi, writer, editor and crypto evangelist, with five years experience in the Blockchain industry.
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