Nchain made an announcement that it has closed a deal to obtain controlling stakes in HandCash.
The blockchain research and development firm made the announcement on Monday. The deal that gives Nchain a majority stake in the HandCash platform, was done through Nchain Reaction. This is the company’s investment arm.
Near Field Communication
HandCash which was founded by Alejandro Pascual and Rafael Jimenez is a Bitcoin Cash mobile wallet which uses near field communication (NFC) technology. The technology allows two different mobile wallets to instantly transfer Bitcoin Cash funds to each other via contactless means. It means when transacting, all that is needed is for users to bring two mobile devices to close proximity and the transaction is done.
Alejandro indicated that they wondered why Bitcoin was not being used like cash yet it was considered to be peer-to-peer electronic cash. This prompted the need for them to create the NFC wallet application.
BCH Transactions Made Easier
Nchain indicated that the new partnership now makes it easier to send BCH using Handcash’s contactless means. This will help do away with the process of having to scan a QR code or having to copy an address every time you transact.
Jimmy Nguyen, the CEO of Nchain stated that there was a need for interfaces to become easier and better for the growth of Bitcoin Cash to take place. He said they were pleased because HandCash was able to accord them such ease through their NFC capability.
In accessing Nchain’s Bitcoin cash experience, research and their intellectual property, HandCash stand to gain much. Additional financial investment is another area which they stand to gain.
Alejandro felt that the deal promised to open up new collaborations with other apps and services from Nchains facilities. He indicated that they have already begun working on what he called “magic protocol”. This will enable one to connect his/her HandCash wallet to other third party services.
HandCash had earlier in the month been allowed to use a software development kit (SDK). The kit which is owned by Nchain goes by the name Nakasendo.
The deal will also make HandCash the first developers to test upcoming SDKs for new features that the company wants to adopt in the future.