The starup is pitching to the Bank of Jamaica (BoJ) for support in creating their Caribbean exchange which aims to merge Bitcoin with the Caribbean banking system. The company itself is regulated in the UK and is preparing documents to present to the bank. Since Jamaica has an Electronic Transactions Act, Caricoin can speed up transactions using cryptocurrency rather than the traditional banking system. If BoJ would embrace Bitcoin with its technology, it could put the bank in a good position to develop blockchain-based fintech solutions with a Caricoin-BoJ partnership.
As part of its business strategy, Caricoin is also targeting local merchants to sell goods online for Bitcoin. With the current Caribbean ecommerce requirements, this gives merchants the ability to cash their Bitcoin for fiat currency as they push to online stores and grow their customer bases. Since Bitcoin is almost accepted world-wide, Jamaican ecommerce limits can now be eliminated with Bitcoin.
Moreover, Caricoin plans to experiment with Ethereum’s Blockchain for fintech advancements, according to CoinTelegraph.
Launched in the Caribbean in June 2016, the startup injected USD 55,000 worth of Bitcoin into their app and was a huge success, the site continues. From Turks & Caicos to Barbados people used it for mobile top-ups and online shopping.
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