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Centbee Secures Seven-Figure Funding to Scale Up Bitcoin Remittance Service

Cryptocurrency Jan 25, 2023 12:30PM ET
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© Reuters. Centbee Secures Seven-Figure Funding to Scale Up Bitcoin Remittance Service
 
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  • Centbee has raised a significant sum of money in a pre-Series A funding round to expand its Bitcoin remittance service.
  • The funding round was led by Ayre Ventures, a venture capital firm specializing in funding blockchain and Bitcoin ventures.
  • Centbee has already enabled over 35,000 cross-border transfers into Africa using the BSV blockchain and Minit Money service.

Centbee, a London-based company that facilitates digital money payments on the Bitcoin blockchain BSV, has secured $1 million in a pre-Series A round of funding led by Ayre Ventures. This venture capital firm specializes in funding blockchain and Bitcoin ventures.

Centbee has stated that the funding will improve its technical and operating capacity to drive further growth.

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Centbee’s Digital Money Transfer Service

Founded in 2017, Centbee offers a fast and intuitive money transfer service via its mobile app on iOS and Android. It has already facilitated tens of thousands of cross-border transfers into Africa using the secure and cost-efficient BSV blockchain and a service called Minit Money.

The app also allows users to request payments, send local currency to other people directly, and access various digital cash products and services.

Mint Money claims to provide a “true peer-to-peer” remittance service, as every transaction is recorded on the BSV ledger, which provides full transparency.

The use of Bitcoin for remittance payments could be faster than traditional finance mechanisms like SWIFT for casual global money transfers.

Centbee plans to scale up its Bitcoin remittance service with this funding in 2023. The company bills itself as “more than just a digital cash wallet,” emphasizing chat features and connecting with friends and family.

More Than a Digital Cash Wallet

The Centbee app also includes ChatPay, which allows users to send money via an in-wallet chat application. Headquartered in London, with offices in South Africa, Centbee was founded by co-CEOs Lorien Gamaroff and Angus Brown.

Gamaroff is a highly regarded expert in blockchain technologies and cryptocurrencies, with a wealth of experience consulting regulators and corporations internationally. Brown has 20 years of experience in payments and banking, including the role of CEO of eBucks.com.

On the Flipside

  • Using Bitcoin for remittances is not as widely accepted or regulated as traditional methods.
  • While Centbee has successfully facilitated tens of thousands of cross-border remittance payments into Africa using the BSV blockchain, not all blockchain experts and industry leaders support using the BSV blockchain.
  • The ChatPay that Centbee provides is currently not as widely used or well-known as other mobile payment options.

Why You Should Care

The funding raised for Centbee for its Bitcoin remittance service highlights the potential for blockchain technology to improve cross-border payments and financial services. It also demonstrates the growing interest and investment in blockchain-based companies and their potential to disrupt traditional financial systems.

For Regulation News Coming Out of South Africa:

What South Africa’s New Crypto Ad Regulation Means

For News About the Relationship Between Crypto and South Africa:

South Africa Classifies Cryptocurrencies as Financial Products – DailyCoin

See original on DailyCoin

Centbee Secures Seven-Figure Funding to Scale Up Bitcoin Remittance Service
 

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