LONDON, May 21, 2018 /PRNewswire/ -- nChain Group,
the leading blockchain research and development group, has closed
deal terms to acquire a majority stake in HandCash. HandCash
is a Bitcoin Cash mobile wallet which 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 deal was made
through nChain Group's investment entity, nChain Reaction Ltd.
HandCash was co-founded in Spain by Alejandro
Pascual Agut and Rafael Jiménez Seibane. With NFC
technology, the mobile application allows mobile wallets to
complete instant transfer of Bitcoin Cash funds with each other
through "contactless" means once users' mobile devices are in close
proximity to each other (similar to contactless credit card and
Apple Pay functionality).
HandCash co-founder Alex Agut
explains: "Bitcoin was conceived to be peer-to-peer
electronic cash. We wondered why Bitcoin was not being used
like cash. That gave us the idea to create a wallet
application that allows you to send Bitcoin in a way that resembles
handing someone cash, by merely placing a sender's mobile device
close to the recipient's device. That's why we named our
project HandCash. We also knew the application could only
work on Bitcoin Cash, with its low fees and instant
confirmations."
HandCash 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. Instead, users
can identify and send funds to each other using "handle"
names. In addition, users can keep their funds safe with easy
ways to back up their wallets on the cloud or inside any NFC
chip.
HandCash also supports growth of Bitcoin Cash for merchant
payments, with plans to create easy "contactless" payment
mechanisms at the retailer point-of-sale. Its anticipated payment
features will ignite greater merchant adoption of Bitcoin Cash.
HandCash co-founder Rafa Seibane
remarks: "In addition to financial investment, nChain will provide
us access to its research, intellectual property and deep Bitcoin
Cash expertise. We believe this technical support will give
HandCash advantages in becoming a leading Bitcoin Cash wallet and
payment system."
nChain Group CEO Jimmy Nguyen
comments: "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. 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."
nChain's deal with HandCash follows just days after the
May 15, 2018 protocol upgrade for the
Bitcoin Cash network. This recent upgrade implements two key
changes:
- Increasing the default size of blocks on the Bitcoin Cash
blockchain from 8MB to 32MB; and
- Restoring certain OP_Codes for advanced functionality.
The BCH 32 MB default block size is significantly larger than
Bitcoin Core (BTC)'s small 1 MB block. This larger block size
allows BCH network capacity to be over 8 million transactions per
day, which is more than PayPal processes. This ensures
usage of BCH can rapidly grow while maintaining the capacity needed
to process greater transaction volumes, at fast speeds, but keeping
fees very low. The upgrade validates HandCash's vision
in creating its wallet product for Bitcoin Cash.
Website: nChain.com
Twitter: @nChainGlobal
ABOUT NCHAIN GROUP: The nChain Group is the global leader
in research and development of blockchain technologies. Its
mission is to enable massive growth and worldwide adoption of the
Bitcoin network - focusing on Bitcoin Cash as the true
Bitcoin. The nChain Group includes these business
units: 1) nChain Limited – a blockchain research and
development service provider in London,
United Kingdom; 2) nChain Holdings Limited – a intellectual
property holding and commercialization company; 3) nChain Reaction
– an investment entity which supports ventures that have Bitcoin
Cash products or applications; 4) nCrypt – a Bitcoin wallet and
exchange in Canada; and 5) BMG
Operations – a Bitcoin Cash mining operation.
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SOURCE nChain Group