The deal came about after South African-based venture capital fund Paper Plane Ventures successfully exited to Two Hop, which now gives Centbee the opportunity to scale up globally.
“Not only is Centbee one of the most used wallets in the Bitcoin ecosystem, it’s building products and services with a strong focus on regulatory compliance. The senior management team come from strong professional and corporate backgrounds including software engineering, banking, payments, accounting and finance,” explained Two Hop co-founder Jan Smit (pictured above left) about the reason to invest.
“We believe its professionalism and strong businesses acumen will enable Centbee to branch into many adjacent services and geographies which competitors are less likely to address. The Two Hop team is looking forward to supporting the Centbee team on this journey,” he adds.
While the nature of the stake that Two Hop has in Centbee is unknown, the startup is excited about what it means for the company moving forward.
“This deal demonstrates the potential for Centbee and other Bitcoin companies to deliver real value for both investors, industry stakeholders and consumers. We’ve enjoyed a high user growth rate and have a clear path to revenue. With Two Hop’s support, we’ll continue building more utility into our products by leveraging the Bitcoin blockchain and delivering world class app functionality to our users,” notes Angus Brown, co-CEO of Centbee (also pictured in header).
As such if there is one Bitcoin-focused South African startup to keep an eye in 2020, it has to be this one.