Payment Platform Island Pay Launches USDC Wallet in Latin America

  • 122 million people in Latin America were considered unbanked in 2021.
  • Island Pay launched a digital wallet “CiNKO” and USDC is the main currency.
  • CiNKO wallet is part of a plan to roll out stable coins and DeFi in Latin America.

Island Pay launched a digital wallet named CiNKO that will use USDC as the main currency across 30 countries in Latin America and the Caribbean. The wallet permits users to transfer money, make peer-to-peer payments, and transact with merchants.

In 2021, the percentage of remittances in Latin America and the Caribbean increased to up to 26.5% and 11.3% in 2022 reaching $145 billion.  Manuel Orozco, director of the Migration, Remittances, and Development Program said, “Sending money has a cost like anything else, and the percent cost relative to the amount ‘bought’ is often criticized without proper benchmarking.” In Latin America and the Caribbean, a cash remittance costs up to 6.2% while a digital remittance costs 5.09%.

Circle’s chief business officer Kash Razzaghi mentioned that technology could reduce the cost of remittances by 80%. It costs nothing to receive USDC when using CiNKO’s wallets, yet there is a gas fee depending on the blockchain. He also added, “The CiNKO wallet is part of the broader push to roll out stablecoins and decentralized finance protocols in Latin America.”

According to the World Bank, 122 million people in Latin America were considered unbanked in 2021. Island Pay CEO, Richard Douglas, said, “Our goal is to continuously look for ways to advance financial inclusion in the region and enhance financial experiences for both the unbanked and banked populations.” CiNKO wallet users don’t need a bank account to make any transactions.

Island Pay, the Bahamas-based company, launched a tourist wallet app in 2022, the first-ever digital one. The wallet is said to revolutionize the tourist experience and to increase tourism to the Bahamas. Tourists can purchase Sand Dollars, the Bahamas Central Bank Digital Currency, and use it to purchase goods and services. Island Pay expanded into Barbados with its digital wallet and first transaction kiosk.

Comments

Post a Comment

Popular posts from this blog

ETH’s Path Could Be Cleared To Reach $2,200: Analyst

Image
An analyst shared his predictions for BTC and ETH in an X post yesterday. If ETH can close this week between $1,796 and $2,148, the analyst predicts it could reach $2,200. The analyst also shared that he will remain bullish on BTC as long as it can stay above the $31.5K-$32.5K area. A Bitcoin enthusiast and analyst who goes by the name of Pentoshi shared his thoughts and predictions about BTC and Ethereum (ETH) in an X post yesterday. According to the analyst, if the price of ETH can close this week within the $2,148 and $1,796 range, it could open doors for the altcoin leader to climb to $2,200. $ETH Closing this weekly back inside the range opens up the doors to $2,200 Despite it severely underperforming BTC it's now beginning to enter the demand zone on the btc /eth ratio BTC is bullish as long as above the 31.5-32.5k area thus I'll continue to have bullish bias… pic.twitter.com/Hwoi8jwr2O — Pentoshi euroPeng (@Pentosh1) October 29, 2023 De
Read more

Prior to the launch of an ETF, Valkyrie reverses its purchase of ether futures contracts.

Image
In the realm of crafting written content, three critical elements come into play: “perplexity,” “burstiness,” and “predictability.” Perplexity serves as the gauge for textual intricacy. Meanwhile, burstiness is the measure of sentence diversity, assessing the ebb and flow of sentence length and complexity. Lastly, predictability indicates the likelihood of anticipating the subsequent sentence. In human-authored content, you often encounter bursts of creativity, with a mosaic of lengthy, intricate sentences interspersed with concise ones. On the contrary, AI-generated content tends to maintain a more consistent rhythm. In light of these considerations, for the upcoming content I’m about to request from you, it’s imperative to strike a balance. We need a significant degree of perplexity and burstiness while minimizing predictability. Additionally, please adhere to the use of the English language exclusively. Now, let’s reimagine the following text: Speculation has arisen from Bloomberg
Read more

Coinbase CEO Brian Armstrong Addresses Regulatory Concerns in Crypto

CEO Brian Armstrong emphasized the need for clear regulations in the United States. Armstrong mentioned ongoing efforts in the US House of Representatives to establish a clear market structure. Coinbase feels confident in its legal case against the SEC, considering that the SEC has lost its last three-judge rulings. Coinbase CEO Brian Armstrong emphasized the need for regulatory certainty in the crypto space, saying “The US is lagging behind” in an interview with Yahoo Finance. Armstrong highlighted the large number of Americans who use crypto, which is 52 million, and stated that these people aren’t happy with the US because of its unclear regulations. The CEO believes that America doesn’t have clear rules like “83% of the rest of the G20 countries.” “There’s a couple of bills going through the House right now that would support how we can get clear market structure and stablecoins in the US,” Armstrong said. He added that Americans want this to happen,
Read more