The South African-based bitcoin startup Centbee has successfully closed a Series A funding of $1.3 million. Funds it says will go a long way in helping them develop further its product and scale.
The startup was launched in 2016 by Angus Brown and Lorien Gamaroff. Late 2018, the startup released its bitcoin cash wallet that allows users to send bitcoin cash directly to other people via the mobile phone.
This Series A funding round was led by entrepreneur Calvin Ayre the founder of the Antigua-based investment company Ayre Venture and CoinGeek. The deal was facilitated by nChain, one of the best blockchain advisory, research, and development firms. Back in January 2018, nChain took an equity stake in Centbee.
In a statement, Ayre said: “Centbee has a track record of making bitcoin easily usable and accessible to everyone including merchants and consumers. They support the original bitcoin protocol in the form of bitcoin SV and have demonstrated an extraordinary ability to attract users and we’re proud to support their further growth.
His counterpart Brown added that Centbee has made it much easier for customers to buy bitcoin SV at more than 50,000 till points across South Africa.
“Through this, we will help people move money simply and cheaply across borders to support family and friends. The investment will be used for product development, scaling, and growth,” said Brown.
Gamaroff added that he was impressed by the progress Centbee has made over the past few months.
“Our development roadmap is well defined with exciting payment and remittance products coming to market this year. We look forward to the next phase in our growth and development.”