• Island Pay has launched a crypto remittance solution for users in Latin America and the Caribbean called CiNKO.
• It will rely on Circle’s USDC stablecoin as its primary currency to provide features such as funding prepaid cards, conducting transactions with merchants, and facilitating peer-to-peer payments.
• The adoption of stablecoins and decentralized finance protocols in Latin America aims to reshape the remittance landscape by reducing costs by an impressive 80%.

Cryptocurrency Remittance Solution Launched in Latin America

Island Pay, a fintech company based in the Bahamas, has launched a crypto remittance solution to address the extreme high costs associated with traditional cross border payment systems. The digital wallet, called “CiNKO,” is now available for users in Latin America and the Caribbean.

Features Offered By CiNKO

CiNKO’s main currency is Circle’s USDC stablecoin which aims to improve on some of the common challenges faced by traditional cryptocurrencies such as unpredictable price fluctuations. Features offered by CiNKO include funding prepaid cards, conducting transactions with merchants, and facilitating peer-to-peer payments even for those without a bank account.

Benefits of Stablecoins & Decentralized Finance Protocols

The adoption of stablecoins and decentralized finance protocols in Latin America reflects a broader effort to reshape the remittance landscape by reducing costs significantly. This is particularly crucial as the region experienced an all-time high growth rate of remittances reaching $145 billion total in 2020 despite a slight slowdown expected for 2023. Stablecoins like USDC address volatility concerns typically associated with traditional cryptocurrencies providing an immediate usability option for individuals across Central and South America.

Island Pay Aiming for 10,000 Users

Island Pay hopes to onboard 10,000 users to their new crypto remittance platform over the next year further advancing financial inclusion throughout Latin America and enhancing financial experiences regardless of whether users are banked or unbanked populations.

Conclusion

Circle’s Chief Business Officer Kash Razzaghi believes that technologies like these could potentially reduce costs of remittances by an impressive 80%, making them much more accessible worldwide especially for those living within countries with limited acceptance of tokens like Bitcoin or Ether.