Top blockchain research and development group, nChain has recently bagged a deal to acquire a majority stake in a Bitcoin Cash mobile wallet, HandCash. HandCash was co-founded by Alejandro Pascual Agut and Rafael Jiménez Seibane and it uses near field communication (NFC) technology which makes it easier for users to send Bitcoin Cash. The deal was facilitated by nChain Reaction Ltd, nChain Group’s investment entity.
HandCash utilizes NFC technology, and mobile application which will allow mobile wallets to complete instant transfer of Bitcoin Cash funds easily. This means that transactions can be conducted through “contactless” means once users’ mobile devices are in close proximity to each other just like Apple pay. Alex Agut explains: “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 upgraded its protocol for Bitcoin Cash network on May 15, 2018 and now it has made a deal with HandCash. The recent upgrade increased the default size of blocks on the Bitcoin Cash blockchain from 8MB to 32MB as well as restored certain OP_Codes for advanced functionality.
HandCash co-founder Rafa Seibane explains: “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.” nChain Group CEO Jimmy Nguyen expressed his delight over the deal saying: “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.”
What do you think about nChain’s acquisition of stakes in HandCash? Share your opinion with us in the comment section below.
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