The nChain Group has completed an acquisition of the majority of shares in Handcash for an undisclosed amount. nChain is one of the leading global blockchain research and development groups, with the aim of accelerating blockchain adoption. The research group believes in a world where all transaction will be processed using the blockchain technology.
The nChain Group is Comprised of Five Core Units
Like Handcash, nChain’s primary focus is on Bitcoin Cash. The group believes this to be ‘the one true Bitcoin.’ The nChain Group combines five core units: nChain Limited, nChain Holdings Limited, nChain Reaction, nCrypt, and BMG Operations.
While nChain Limited and nChain Holdings Limited focus on research and development, as well as commercialization, respectively, BMG Operations concentrates solely on a mining operation. If you’re from Canada, you might’ve heard of nCrypt, which operates as both an exchange and a wallet. Finally, nChain Reaction’s primary function is to support projects which feature Bitcoin Cash — such as Handcash.
Bitcoin Cash Wins For Its Low Fees and Instant Confirmation
The Handcash acquisition makes sense to nChain given their objectives. The Spanish company was co-founded by Rafael Jiménez Seibane and Alejandro Pascual Agut. Their plan was to make a mobile wallet which allowed the same ease of transfer as fiat currencies.
With that goal in mind, the duo set out to developing Handcash. Due to the nature of Near Field Communication (NFC) payments, they knew Bitcoin Cash was the best option, due to its low transaction fees and instant validations.
NFC Payments is a technology which allows devices to communicate once you bring them close together. Apple Pay is one of the most prominent NFC payment systems, as well as Samsung Pay and Android Pay. While these only support fiat currencies, with Handcash you can use the same technology to process your payments using Bitcoin Cash.
With their app, people are now able to transfer Bitcoin Cash to each other easily. All they have to do is make sure both devices are near one another and initiate the transfer.
The co-founders’ dream to make transfers as easy as handing out money was a success — hence the name ‘Handcash.’ The pair now plans on developing contactless payment processors for retailers thus supporting the growth of Bitcoin Cash.
nChain Will Provide Both Capital and Resources
Handcash co-founder Seibane stated the acquisition comes with a lot of benefits. Instead of just taking control and managing the app, nChain will provide money, research, and knowledge of Bitcoin Cash. Seibane sees this new support as a way to stand-out from other mobile payment methods.
Seibane believes this is the push they needed to help Handcash become the leading mobile payment method using Bitcoin Cash. Jimmy Nguyen, nChain Group’s CEO, shares the Spanish duo’s vision. He believes Handcash simplifies the process of Bitcoin Cash payments and will further increase the cryptocurrency’s adoption.
— Bitcoin Cash (@BITCOlNCASH) May 15, 2018
Since its latest update on May 15, 2018, Bitcoin Cash is capable of processing 8 million transactions per day — a much higher volume than the leading online payment method, PayPal. The latest update saw Bitcoin Cash’s block increase from 8 MB to 32 MB — a far greater capacity than Bitcoin’s 1 MB.