SA's Centbee launches Bitcoin Cash wallet app in beta

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CAPE TOWN – South African-based merchant payment system and Fintech firm Centbee has announced that its Bitcoin Cash wallet app is now in beta. Following a successful alpha test of the app, Centbee has been listening to these early users about ways to improve the wallet. While the alpha testing made use of Testnet coins, the beta version of the Centbee Wallet uses real Bitcoin Cash. The app also allows users to send Bitcoin Cash to people in their contact list.

Centbee was incorporated in January 2017 but existed for 2 years prior with the help of cash funding from a London-based Bitcoin research and development firm, nChain.

"We raised funding from nChain, They have an interest in growing the Bitcoin ecosystem and saw value in Centbee as a user-friendly wallet," said Centbee.

The main focus of the company is to provide a user-friendly bitcoin that will allow mainstream audiences to easily acquire, hold and spend Bitcoin.

"We are also developing payment systems that will allow merchants to easily accept Bitcoin," Centbee told Business Report.

Centbee is based in Sandton, Johannesburg and employs six people.

According to the company, their Bitcoin wallet is simple and easy-to-use.

"Most wallets today are complex and difficult to use. Centbee is unique in its approach in that it strips away the jargon and technical terms that confuse people. It allows users to connect to their contacts so that they can easily send them Bitcoin. New features that are planned are to allow users to buy things like gift cards, airtime and data, and electricity," said the company.

When asked what Centbee could predict about the future of blockchain technology and Bitcoin, the company said: "Today there are hundreds of cryptocurrencies but over the months and years to come most will disappear."

"It is more likely than not that ultimately there will be a single blockchain, just as there is a single internet. All the ideas that are being worked on like digital asset tokenisation and smart contracts will operate on this single blockchain. Regulators are slowly warming to the idea of cryptocurrencies as they realise that they are not all anonymous and can be regulated."

"Cryptocurrency also benefits the tax authorities as it allows for simplified taxation and auditing. Regulators will be able to have oversight over the businesses that provide Bitcoin-related services to their customers and will be able to apply Know-Your-Customer and Anti-money laundering rules" said Centbee.



The Centbee Wallet is available to download from the Google Play Store for Android and the App Store for iOS.

BUSINESS REPORT ONLINE