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Centbee (FinTech)

PROJECT OVERVIEW

  • Product: Centbee Bitcoin (BSV) wallet service

  • Company Name: Centbee

  • Industry: Digital Payments / Fintech

  • Geographic Reach: Global (with operational presence in South Africa, Nigeria, Switzerland, UK, and EU)

  • BSV Integration Start Date: 2018

BUSINESS CHALLENGE

  • Traditional digital wallets and banking apps were often complex, expensive, and ill-suited for users in developing markets.

  • Barriers existed for cross-border remittances, especially in Africa, due to high fees and slow transaction speeds.

  • A lack of regulatory-compliant blockchain solutions limited adoption in financial applications.

  • Young users lacked engaging, mobile-first financial tools that mirrored the ease and functionality of social apps.

WHY BSV?

  • BSV offers ultra-low transaction fees, crucial for microtransactions and remittances.

  • Its protocol is stable and scalable, allowing high-speed payments without congestion.

  • The BSV blockchain complies with global regulatory requirements, supporting KYC and traceability.

  • Compared to other blockchains, BSV better aligns with the original Bitcoin white paper's vision of peer-to-peer digital cash.

SOLUTION ARCHITECTURE

  • Overview: Centbee is a mobile wallet built on the BSV blockchain that facilitates sending, receiving, and spending digital cash.

  • Key Features:

  • Digital cash wallet with social media-style interface.

  • Chat, notifications, and transaction history.

  • Remittances to bank accounts (via IBAN), mobile wallets, or cash pickup.

  • Top-up capabilities through EFT, cash, or virtual accounts in select countries.

  • Payments for real-world goods like gift cards, mobile top-ups, and more.

  • Partners/Vendors:

  • FusePay (Nigeria): Enables wallet top-ups.

  • Centi (Switzerland): Supports top-ups and remittances.

  • Teranode Group Technology partner for blockchain stability and innovation.

IMPLEMENTATION PROCESS

Rollout:

  • Initial launch in South Africa, followed by global expansion.

  • Iterative app updates (latest version includes UI overhaul and new features).

Integration:

  • Worked with banking and payment infrastructure to enable virtual accounts and EFT compatibility.

  • Full KYC and regulatory compliance integrated from early stages.

Onboarding:

  • Focused on young users and diaspora communities.

  • Simple UX mimicking social media apps facilitated organic adoption.

OUTCOMES & BUSINESS IMPACT

Quantifiable Improvements:

  • Reduced remittance costs and increased speed.

  • Greater accessibility to digital cash via mobile-first interface.

  • Increased adoption in underbanked regions.

Metrics:

  • Enhanced ability to spend BSV across global brands.

  • Active partnerships in multiple countries supporting wallet funding and remittances.

Feedback:

  • Users find Centbee easy to use and affordable.

  • Ecosystem partners appreciate seamless integration and compliance.

CHALLENGES & MITIGATIONS

Challenges:

  • Expanding top-up infrastructure globally.

  • Educating users unfamiliar with blockchain technology.

Mitigations:

  • Strategic partnerships (e.g., FusePay, Centi) for infrastructure support.

  • UI/UX designed to abstract blockchain complexity and focus on user experience.

FUTURE VISION

  • Expand wallet funding options in more countries.

  • Continue improving app experience to appeal to young users globally.

  • Scale remittance services to more corridors.

  • Explore additional BSV capabilities like micropayments and NFT integration.

TESTIMONIAL HIGHLIGHTS

"We’re creating an experience that mirrors popular social networking apps, but where money is the core medium of interaction." – Lorien Gamaroff, CEO and Co-founder, Centbee

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