Caricoin launches Bitcoin e-wallet to benefit Caribbean people with underdeveloped financial services

Author: Geneva

A British bitcoin startup called Caricoin has announced the launch of a bitcoin wallet in the Caribbean. The digital wallet has confirmed it is partnering with a Palo Alto, California-based bitcoin security company.

Caricoin (its official website is called Bitcoin Wallet for the Caribbean) told Bitcoin Magazine that there are not many traditional banks in the Caribbean and the new e-wallet can provide mobile payment services for consumers in the region. It is revealed that the e-wallet combines social media and Bitcoin transaction functions, and the remitter and the recipient can chat in the application, and as long as the user is in the Caribbean, the mobile prepaid card can be used.

Caricoin CEO Karsten Becker said in an interview that according to the World Bank's 2015 Global Financial Report, nearly half of the residents in the Caribbean do not have a bank account, so the company's e-wallet was actually developed as an alternative product to traditional banking.

“Banking in the Caribbean is really not a convenient thing. KYC (know your customer) policies are now outdated and difficult to enforce, which makes it difficult for individual customers to do banking, and for small businesses to open a bank account, the whole process takes at least 90 days .”

Becker also said that due to KYC policies, it often takes many days to open an account in a traditional bank, but with the company's e-wallet, it is not so troublesome. Consumers can open an account instantly and then make digital payments immediately.

He said: "Compared with traditional banks and mobile payment platforms (which have a hard time operating due to overly strict regulations), opening an account with us is a very convenient thing. All you need is a mobile phone with an internet connection."

He also added that with e-wallets, users no longer have to rush to the relevant departments to pay water and electricity bills as before, as e-wallets can provide the bill payment function.

“In some rural areas of Jamaica, the cost of traveling to the office is more than the cost of paying the utility bills,” Becker said. “Our e-wallet makes life easier and saves money for people in the Caribbean by eliminating the red tape.”

In addition, the company is also working on new features for its e-wallet, including a zero-cost remittance feature. According to a World Bank report, remittance fees in the Caribbean alone cost as much as $800 million per year.

With Caricoin’s e-wallet, users can easily buy and sell Bitcoin, and Caribbean people working abroad can send money home without incurring any fees. The remitted funds can be used to pay utility bills or withdraw cash through Bitcoin ATMs.

JPM compiled from

Bitcoin Magazine, Caricoin Launches Bitcoin Wallet for the Financially Underserved in the Caribbean , by

John Camdir.