nChain Group, a blockchain research and development firm based in London, has bought an equity  stake in South African Bitcoin wallet provider Centbee.

Centbee, established by Lorien Gamaroff and Angus Brown, offers consumers a Bitcoin wallet to acquire, hold and spend Bitcoin with retailers and other merchants.

“Centbee will be rolling out mechanisms for merchants to accept Bitcoin Cash payments more cheaply and securely than current bank payment systems without exposure to price volatility. In addition, we will help consumers move money simply and cheaply across borders to support family and friends,” Brown noted.

Financial terms of the transaction were not disclosed. The deal was financed through nChain Group’s investment arm nChain Reaction, which offers financial backing to products that boost Bitcoin Cash’s usability as peer-to-peer electronic cash.

nChain Group CEO Jimmy Nguyen said: “Centbee has one of the most user-friendly Bitcoin wallets and merchant payment solutions we have seen. It smartly embraces Bitcoin Cash because its bigger blocks, low fees and fast transaction network represent the true vision of Bitcoin.

“We look forward to supporting Centbee as it sparks greater merchant and consumer adoption of Bitcoin Cash in sub-Saharan Africa and beyond.”

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By GlobalData

nChain’s latest stake purchase comes a week after the firm participated in a $1.5m Series A funding round for Bitcoin Cash-based social network Yours.org.