NEM Ventures, the funding and investments arm of the NEM blockchain biological system, has made a strategic investment in Cyclebit, a crypto point of sale (PoS) terminals provider.
The new funding expands the current partnership with Cyclebit which has enabled users to pay with NEM’s native cryptocurrency, XEM, since 2018. Ahead of NEM’s Catapult launch, in early 2020, the partnership scales the existing global service throughout North America.
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Holders of XEM and Catapult tokens will be able to use their digital assets to make purchasing in brick-and-mortar retailers including stores, cafes, restaurants, and even service companies.
Cyclebit aggregates more than 200,000 crypto-capable POS terminals in Europe, Asia, and Canada. It allows users to pay for goods using POS terminals, including contactless payments, making the process of paying with crypto much alike to the purchasing with traditional bank cards.
Cyclebit adds wallets to its offering
Cyclebit also plans to launch its own wallet in early 2020 in collaboration with Tangem, enabling users to load their credit cards while keeping crypto assets secure in cold storage.
Earlier in March, NEM Ventures, the VC arm of the NEM blockchain ecosystem, made its first venture in Vimba, a New Zealand based platform that allows users to convert funds in their bank accounts into cryptocurrency.
Sameer Pirani, CEO of Cyclebit, commented: “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. 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.”
NEM Ventures 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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