NEM Ventures invests in Cyclebit
Summary
Dave Hodgson, Director and Co-founder of NEM Ventures, says: “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 organisation. In doing so, Cyclebit is bridging the gap between traditional businesses and shoppers who wish to transact using new digital currencies, which is already allowing some Canadian citizens to pay their municipal taxes in crypto and fiat, for example. Further to PoS terminals, the Cyclebit wallet is set to be released in early 2020 in collaboration with Tangem, who are the creators of the first smart banknote for digital assets. Cyclebit has enabled users to pay with NEM’s native cryptocurrency, XEM, since 2018, and this strategic partnership investment will further support the growth of NEM’s Catapult technology leading up to its launch in early 2020. Sameer Pirani, CEO of Cyclebit, says: “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.