(San Jose, Costa Rica - July 25, 2023) – Island Pay, one of the world’s leading digital currency technology companies, is working with Circle, a global financial technology firm and the issuer of USDC, to provide improved access to money for people across Latin America and the Caribbean through Island Pay’s new digital wallet, CiNKO. Through this collaboration, the CiNKO wallet will use USDC as its primary currency and medium of exchange.
As a champion in the fight to democratize access to money in underserved regions, Island Pay’s collaboration with Circle provides CiNKO wallet customers access to USDC, a fully-reserved, digital dollar that is available 24/7 and can always be redeemed 1:1 for cash. The integration of USDC will enable the CiNKO wallet to deliver fast, efficient and low cost cross-border transactions - an important use case for digital currency - to individuals and businesses in over 30 countries across the region. Now users of USDC in the region have off-ramps from the crypto ecosystem allowing them to use USDC to fund prepaid cards and peer-to-peer payments, bridging the gap between blockchains and traditional financial payments. In addition to peer-to-peer transactions, the CiNKO wallet will also provide business-to-business and business-to-consumer solutions such as global payrolls.
"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. By working with Circle, and harnessing the power of blockchain technology, we are taking another big step toward achieving that goal with our new product, CiNKO,” says Island Pay’s co-founder and CEO, Richard Douglas.
Douglas adds, “Collaborating with Circle allows us to be part of a vibrant and innovative ecosystem. We stand to benefit from Circle's continuous advancements, and we expect this collaborative environment to foster innovation and open new opportunities for both companies.”
“Integrating USDC as the currency of choice in the CiNKO digital wallet provides stability, efficiency and trust for users that want to conduct peer-to-peer payments and cross-border remittances,” said Kash Razzaghi, Chief Business Officer at Circle. “We share Island Pay’s focus on improving financial inclusion, and are excited that the CiNKO wallet makes USDC more accessible to communities across Latin America and the Caribbean.”
CiNKO wallet’s integration of USDC will offer a welcome alternative for approximately 660 million1 individuals across Latin America and the Caribbean to send and receive payments easily, near instantly, and securely, with transparency and immutability of transactions safeguarded by blockchain technology.
The opportunities for USDC in Latin America and the Caribbean are substantial, with remittances to the region estimated to have grown by 9.3% in 2022, reaching $142 billion, and with inflows anticipated to experience the strongest growth rate among developing regions in 2023, at 4.7%2.
The CiNKO digital wallet is currently available in the Google Play store and Apple App store. Island Pay is an approved financial institution of the Bahamian Central Bank Digital Currency and holds licenses as a Payments Service Provider and Electronic Money Issuer in Latin America and the Caribbean.
About Island Pay
Island Pay, founded in 2016, is quickly revolutionizing the way people across the Caribbean and Latin America use and access money. Through its innovative technology and strategic partnerships with governments and a network of merchants, Island Pay allows individuals, businesses, and governments to pay for goods and services easily and securely as well as send, transfer, and receive funds electronically using their mobile phones and other low-cost access mediums. Island Pay is driven by a passion to democratize access to currency, especially in areas that are currently underserved or lack accessible financial services infrastructure. More information about CiNKO can be found at https://www.cinko.io.
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