• 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 …

The post Payment Platform Island Pay Launches USDC Wallet in Latin America appeared first on Coin Edition.

• 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 …

The post Payment Platform Island Pay Launches USDC Wallet in Latin America appeared first on Coin Edition.