NEM Ventures Invests In Crypto Transaction Provider Cyclebit

Blockchain, Investing, News | November 22, 2019 By:

NEM Ventures, the venture capital and investment arm of the NEM blockchain ecosystem, has invested an undisclosed amount in cryptocurrency transaction provider Cyclebit.

Cyclebit empowers retailers to take advantage of new payment offerings, devices, and user knowledge in order to provide a superior, more engaging consumer experience. The firm provide simple, affordable and robust tools for retailers to accept digital currencies, credit/debit and cash transactions for in-store, online and on-the-go purchases. The company’s mission is to bridge the gap between traditional businesses and shoppers who wish to transact using new digital currencies. With 200,000+ PoS terminals at present, the Cyclebit platform supports millions of transactions per month.

Cyclebit has been working with smart banknote platform Tangem on a digital wallet, set to be released in early 2020. The wallet will serve as a universal wallet for all fiat and cryptocurrencies, enabling users to load their credit cards onto Cyclebit. Users will be able to manage their funds via one wallet, while keeping assets secure in cold storage.

“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,” said Dave Hodgson, Director and Co-founder of NEM Ventures. “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.”

Cyclebit has enabled users to pay with NEM’s native cryptocurrency, XEM, since 2018, and this strategic partnership investment will further support the growth of NEM’s Catapult technology leading up to its launch in early 2020. It will also provide the ability to scale the existing global service throughout North America, bringing the ability to pay in XEM and Catapult tokens to retailers in those countries.

“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,” said Sameer Pirani, CEO of Cyclebit. “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.”