Caricoin Ltd has announced the launch of its social mobile money platform in the Caribbean. The platform is a free, downloadable app that allows users to instantly send and receive bitcoin and use them to pay for goods and services on a no-fee basis. Currently approximately half of the population of the Caribbean do not have access to banking so a mobile-base cryptocurrency app will allow users the opportunity to access and control their own finances with security.
Caricoin’s mobile wallet, built in partnership with security platform BitGo, allows anyone to open an account by downloading the application and linking it to their mobile number. Activation is quick and there are no preconditions to qualify. It integrates chat functionality to streamline communication between senders and receivers. It also comes with the ability to instantly top up mobile phones with pre-paid minutes anywhere within the Caribbean.
Karsten Becker, CEO of Caricoin Ltd., commented: “Much in the way email changed the world by making communication fast and cheap, bitcoin is changing the world of digital finance and reshaping how we perceive, manage and store our money.”
The company’s long term goal is to both accelerate and encourage financial inclusion by creating a mobile money ecosystem based on a single currency that can easily be used by anyone across the Caribbean. Caricoin is also working on building a zero-cost remittance corridor for the diaspora – members of the Caribbean community working overseas to support their families. It will do this by giving them the ability to buy bitcoin from within the Caricoin wallet, and then send them to relatives who can use them to pay bills or cash them out locally. The company estimates that this model has the capability to save the region over US$ 800 million dollars annually in remittance fees.
Earlier this year the Caribbean’s first cryptocurrency was launched by the Barbados-based financial technology company, Bitt Inc.