Cyclebit, a European company and platform, decided to bring the idea of spendable cryptocurrencies closer toreality.
Cyclebit allows user buy and spend cryptocurrencies in-stores, online or on-the-go. Stores essentially act as “cryptocurrency gateways,” while customers can just scan a QR-code at the POS terminal to do their purchase.
The team believes that making cryptocurrency accessible to everyone would help it make the transition from an enthusiasts’ hobby, to a mass financial asset.
The team has been making fintech products for international companies for over 5 years. They previously brought mPOS service to CIS and SEA countries and integrated it with over 200K point-of-sales terminals, where Cyclebit will be accepted.
In 2018, they decided to implement Cyclebit cryptocurrency purchase system for the retail and services sector. The service launched in the fall 2018. The product started to quickly gain traction in Europe.
Partnership with Nostrum
Only a month later, the company in an agreement with Nostrum, a popular Spanish restaurant chain, implemented Cyclebit POS (point-of-sale) terminals in 130 coffee houses in Spain to allow customers pay with cryptocurrency. Not a bad start, hah?
Reportedly, Cyclebit has already access to a working ecosystem provided by Ibox – a mPOS payment platform. In 2019, the Cyclebit team will work on to expanding their partner network, making investments, and releasing the full version of the platform to the public (currently it’s in private beta).
Right now, Cycelbit supports Bitcoin, Bitcoin Cash, Ethereum, Litecoin, EOS, and NEM.
Simplicity is the key to mass adoption
The team at Cyclebit believes that the key goals for any cryptocurrency company is to simplify the user experience and “bury every complicated detail in the backend, removing the skill gap for users.”
“Make it simple, convenient and accessible for both merchants and mass customers… The idea is to make the purchasing and payment experience close to already existing well known procedures for credit cards or contactless payments.”
The team keeps working on developing Cyclebit into a complete ecosystem for crypto ownership and payments that supports a big number of cryptocurrencies.
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