nChain Group, a leading Blockchain research and development company, acquired a majority stake in HandCash, a Bitcoin Cash mobile wallet, Monday.
HandCash uses NFC technology to complete instant transfers of Bitcoin Cash funds between mobile devices that are close to one another, similar to Apple Pay.
The deal, made through nChain Group's investment entity nChain Reaction Ltd., requires nChain to provide its research, intellectual property and Bitcoin Cash expertise to HandCash.
Rafa Seibane, co-founder of HandCash, said in a statement released today:
“We believe this technical support will give HandCash advantages in becoming a leading Bitcoin Cash wallet and payment system."
Compared with existing wallets, HandCash users can send Bitcoin Cash without the need for a receipt address or QR code. Instead, users can identify and send funds to each other using "handle" names.
nChain CEO Jimmy Nguyen said in a statement released today that for Bitcoin Cash to grow globally, it will need to make wallets and payments systems easy to use.
nChain Group CEO, Jimmy Nguyen added:
"For Bitcoin Cash to grow, user interfaces need to become better and easier to use.”
Users can keep their funds safe with convenient options for backing up their wallets on the cloud or inside any NFC chip. HandCash also supports the growth of Bitcoin Cash for merchant payments, and the company says it has plans to create "contactless" payment mechanisms at the retailer point-of-sale.
nChain's acquisition of HandCash follows just days after the May 15 protocol upgrade for the Bitcoin Cash network, which quadrupled the default size of blocks on the Bitcoin Cash blockchain from 8MB to 32 MB. The new 32 MB default block size enables the network to conduct 8 million transactions per day, more than what PayPal currently processes daily, the company said.