Blockchain research and development firm has struck a deal to acquire a majority stake in HandCash, a Bitcoin Cash mobile wallet that facilitates near field communication (NFC) transactions.
HandCash allows mobile wallets make in-person payments through NFC technology without having to ask for a specific address or QR code. Instead, the wallet employs a unique system for addresses which allows the use of “handles” or usernames.
The feature effectively facilitates instant transfer of Bitcoin Cash through ”contactless” means once users’ mobile devices are in close proximity to each other.
In addition to the NFC functionality, HandCash uses a one-tap wallet backup feature which is also different than the standard 12-word backup phrase. The team has developed a method that encrypts a wallets backup file and stores it with private key information on the cloud or inside any NFC chip.
HandCash has been an attractive takeover target for some time due to its pioneering role in the growth of adopting Bitcoin Cash for merchant payments. The startup has also plans to create easy contactless payment mechanisms at the retailer point-of-sale.
Commenting on the news, HandCash co-founder Alex Agut, said: “Bitcoin was conceived to be peer-to-peer electronic cash. We wondered why Bitcoin was not being used like cash. That gave us the idea to create a wallet application that allows you to send Bitcoin in a way that resembles handing someone cash, by merely placing a sender’s mobile device close to the recipient’s device. That’s why we named our project HandCash. We also knew the application could only work on Bitcoin Cash, with its low fees and instant confirmations.”
nChain Group CEO, Jimmy Nguyen, also explained: “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. nChain is thrilled to support HandCash on its journey to make Bitcoin Cash wallets and payment systems easy to use around the world, and to ignite global adoption of Bitcoin Cash.”
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