nChain buys majority stake in Bitcoin Cash wallet HandCash

nChain Group has acquired a majority stake in HandCash, a Bitcoin Cash mobile wallet.

nChain buys majority stake in Bitcoin Cash wallet HandCash

The precise size of the acquired stake or the financial terms of the deal were not disclosed. nChain Group executed the transaction through its investment arm nChain Reaction.

nChain Group CEO Jimmy Nguyen said: “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.”

Handcash was launched in Spain by Alejandro Pascual Agut and Rafael Jimenez Seibane. The platform enables users to send Bitcoin Cash through near field communication (NFC) technology, given that the mobile devices of the users are located close to each other.

In order to identify and send funds to each other, HandCash users have to use handle names instead of receipt address or QR code.

In addition, HandCash also intends to create contactless payment mechanisms at the retailer point-of-sale.

HandCash co-founder Rafa Seibane said: “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.”