The digital currency industry has seen vast levels of investment over the last couple of years, and it is not surprising that most of the focus of the industry has been focused on the major European and U.S. industries where that funding has originated. However, UK based startup Caricoin Ltd is still pushing bitcoin into new markets to expand both awareness of digital currencies and the user base itself, with the recently launched wallet and social media app specifically targeted at the region.
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While much of the focus of digital currency innovation and expansion has focused on Europe and the U.S., the industry continues to break new ground in other regions as cryptocurrencies gain popularity right across the globe. A good example of this is the new initiative by UK based bitcoin startup Caricoin Ltd, who have announced the launch of their bitcoin wallet that is aimed at becoming a mobile money solution for the Caribbean user base.
More than just a simple wallet, the new offering combines aspects of the messaging apps commonly used by social media platforms and the digital wallet’s ability to transact with bitcoin. Downloading the app instantly provides the user with a bitcoin wallet, which they can immediately link with their phone number to create an incredibly simple to use system for sending and receiving funds. With prepaid mobile phone users being the majority in the region, being able to top up phone credit through the app, and bitcoin, could be the aspect that really drives the adoption of the service.
With nearly half of all people in the Caribbean being classified as unbanked by the World bank, that is people who have no access to a bank account of any kind, this initiative can provide a viable alternative with ease of access for those that traditional banking is simply out of reach. With this in mind, this represents an incredibly important initiative, as it services as a very visible reminder of the true value of digital currencies and the ability the cryptocurrency industry has to empower the disenfranchised around the world.
With the system intended to offer remittance free transactions between app users as it progresses, this would allow easy payments across international borders, something that is an issue for Caribbean workers and currently costs them around $800 million a year just in transaction fees. When looking at a digital currency this is the way many of us thought they would change the world, and while all the money being invested in blockchain, and how it can help big business become more efficient and so on, that these innovations are still happening is perhaps still the more important aspect of the cryptocurrency industry.