U.K.-based Bitcoin startup Caricoin recently announced the launch of a Bitcoin wallet for the Caribbean. The wallet has been developed in partnership with Palo Alto-based blockchain security company BitGo.
According to a press release by the company, the wallet will provide a mobile money solution to users in the Caribbean where access to traditional banking is limited. The wallet combines elements of social messaging platforms with remittance via Bitcoin. It allows senders and receivers to chat with each other and also comes with the ability to top-up mobile phones with prepaid minutes anywhere within the Caribbean.
Speaking toBitcoin Magazine, Karsten Becker, CEO of Caricoin, said wallet was developed as an alternative to the traditional banking services for the Caribbean where, according to World Bank 2015 Global Findex Report, nearly 50 percent of the population is unbanked.
“Access to banking services in the Caribbean is difficult at best” Becker said. “The KYC [know-your-customer] process is extremely difficult and antiquated, and out of reach of most people, and the process for small businesses to open a account can take up to 90 days.”
Becker said that unlike traditional banking services where opening an account can take days due to the KYC regulations, the