NEM Ventures, a subsidiary of NEM blockchain tech, enters into a partnership with Cyclebit, a leading global provider of a platform for retailers and businesses to accept payments in fiat and cryptocurrencies for all sorts of purchases. Cyclebit has been providing its users with an opportunity to make purchases of goods and services using NEM Ventures’ Cryptocurrency XEM since last year. NEM Ventures is set out to launch its Catapult technology in 2020. The Investment project between the two giant companies will see Cyclebit help NEM Ventures grow its Catapult tech in Northern America.
Cyclebit is already a well-established firm in the fiat and crypto payment space. It is globally popular which NEM Ventures can ride on to accomplish its vision of aligning itself with mainstream crypto and enhancing its mass adoption of the crypto tech.
Cyclebit partners with retailers across the world and install Points of Sale (Pos) in different regions allowing consumers to pay for goods and services using the digital assets. This is a transition from the traditional way of payments to the adoption of the digital currencies for payments.
Canadians can pay their taxes using cryptocurrencies and fiat courtesy of Cyclebit. Statistically, with over 200,000 points of sales currently, the company facilitates millions of transactions every month.
Cyclebit has partnered with Tangem, the developer of the pioneer banknote for cryptocurrencies, to launch its digital wallet Cyclebit Wallet early next year. This wallet will facilitate fiat and crypto payments globally. Consumers will also be able to load credit cards with digital assets and to manage their assets from one secure wallet.
The company creates a global community by linking Exchanges, retailers, and consumers. The Canadian company is gradually expanding into new regions and markets. It is planning to launch in Italy, Japan, Germany, the UAE, and Korea from next month.
According to Sameer Pirani, the CEO at Cyclebit, the launch of Catapult tech by NEM Ventures will be a significant move for the industry. The partnership will aid in expanding Cyclebit’s Points of Sale terminals in the world.
NEM Ventures will use the investment to boost the growth of the NEM blockchain tech ecosystem.