Cyclebit, helping retailers accept cryptocurrencies, has received a strategic investment from NEM Ventures.
The FinTech partners with brick-and-mortar retailers globally and supplies them with point of sale (POS) terminals which enable customers to pay with cryptocurrencies. Its goal is to bridge the gap between digital currency users and merchants.
Currently, Cyclebit is used by more than 200,000 merchants across Canada, USA, Spain, Russia and Vietnam. The FinTech will expand into Japan, Korea, Germany, Italy and the UAE over the coming months.
Next year, the company is expecting to release its Cyclebit Wallet. The solution, which was built in collaboration with crypto storage technology builder, will enable the storage of all fiat and cryptocurrencies. Users can manage all their digital coins in one location while held in cold storage.
NEM Ventures is the investment division of the NEM blockchain ecosystem. The blockchain solution supports businesses with the tools to integrate blockchain services to their own.
The deal with Cyclebit, will also see NEM’s cryptocurrency, XEM, available for consumers to use as a payment method. By enabling customers to pay with the token in retail stores, NEM is hoping to scale its services across North America.
NEM Ventures director and 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.”
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