Blockchain Firm nChain Acquires Majority Stake In Bitcoin Cash-Centric Startup Handcashbr>
Co-founded in Spain by Alejandro Pascual Agut and Rafael Jiménez Seibane, HandCash is a mobile wallet that uses near field communication (NFC) technology to make it as easy for users to send Bitcoin Cash to someone as if they were handing cash. The wallet also makes it easier to send Bitcoin Cash without having to ask for a complicated receipt address or even a QR code, as most current bitcoin applications require.
According to Nchain, the deal was facilitated through the company’s investment arm Nchain Reaction, which supports ventures that have Bitcoin Cash products or applications. In addition to financial investment, nChain will also provide HandCash access to its research, intellectual property and deep Bitcoin Cash expertise.
Agut said the partnership with nChain opens up new collaborations with other apps and services from the Nchain family.
“We are already working with a “Magic Protocol” that will be able to connect your Handcash wallet to third-party services — It uses the Nakasendo SDK,” Agut said. “Also, we are going to be first in line to test upcoming SDKs for a few new features we want to adopt in the future.”
nChain CEO Jimmy Nguyen said that for Bitcoin Cash to grow, user interfaces need to become better and easier to use.
“We are impressed with HandCash and its vision for simplifying the Bitcoin Cash transaction process to a contactless approach,” Nguyen said. “nChain is thrilled to support HandCash on its journey to make Bitcoin Cash wallets and payment systems easy to use around the world, and to ignite global adoption of Bitcoin Cash.”
The deal came after the Bitcoin Cash network officially upgraded the blockchain protocol by extending the block size from 8MB to 32MB and restoring certain OP_Codes for advanced functionality. This larger block size allows the BCH network capacity to be over 8 million transactions per day.