Sign up for The Paypers newsletter Follow The Paypers on LinkedIn Follow The Paypers on Twitter Follow The Paypers on Facebook
The Paypers, paypers, Insight in payments, News, Reports, Events
 advertisement
Cryptocurrencies

British Virgin Islands, Lifelabs.io create crypto payments system for emergency aid

Friday 26 April 2019 | 10:00 AM CET

The British Virgin Islands has partnered with blockchain company Lifelabs.io to launch an alternative crypto-enabled payments infrastructure.

This infrastructure is meant for residents across its network of islands. The partnership focuses on using a crypto infrastructure to support the reliable and swift transfer of aid, and access to funds in emergency scenarios. Lifelabs and the BVI consider that implementing a blockchain payments infrastructure — which supports P2P and local commercial transactions — will ensure that residents can continue to access essential goods and services in the event of a humanitarian crisis.

The BVI government will implement Lifelabs’ blockchain Platform as a Service (PaaS), which reportedly reduces transaction fees by over 50%. It also plans to provide significant time savings as compared with Automated Clearing House (ACH) electronic payments. The implementation will support residents’ use of the smartphone-based LifeWallet app, which supports Ether (ETH), Bitcoin (BTC), ERC20-compliant tokens, and Lifelabs’ native token, life.

More: Link
 advertisement
 advertisement
 advertisement
 advertisement