• Fri, 24 May 2019, 08:55 PM
  • All times are UTC
  • Edition:
    International
Link copied

British Virgin Islands partners with LIFElabs.io for crypto payments system

Image by Ronny K from Pixabay 

Tue, 23 Apr 2019, 06:26 am UTC

British Virgin Islands has partnered with LIFElabs.io, a blockchain startup focused on philanthropic causes.

Under the partnership, the entities will work towards providing “Rapid Cash Response” during emergencies and developing a crypto payment method for facilitating ongoing financial transactions across the network of islands.

The British Virgin Islands has an estimated GDP of over $1 billion, and suffered damages in excess of $3 billion during hurricane Irma. Swift response to natural disasters is one of the key focus areas for the government.

Founded in 20117, LIFElabs.io is a digital currency and tokenised reward system. It is the research and development hub responsible for LIFEtoken, LIFEwallet, LIFEcard, and LIFEPaaS – four distinct yet intrinsically linked products.

Under the partnership, island residents would be able to download the LIFEwallet app on their Apple iOS or Google Android mobile devices and access an account that can have funds deposited into it whenever a disaster strikes. For users without smart mobile devices, LIFE will provision for digital currencies to be sent and received via SMS.

“It is estimated that adopters of our blockchain Platform as a Service (PaaS) will reduce their current transactional fees in excess of 50%, all while incurring zero out of pocket cost to implement it, speeding the average transaction time exponentially compared to Automated Clearing House (ACH) electronic payments, wired or over the counter cash transactions,” Sanjay Jadhav, LIFElabs.io CEO, said.

In addition, BVI and LIFElabs.io are launching blockchain-based charity platform for emergency situations. Called “BVI/LIFE Rapid Response Cash Fund,” the platform will confirm incoming funds using blockchain technology. Anyone would be able to see “exactly where their funds are being used and for their intended purpose, creating trust for communities in hardship and transparency for the donors.”

Premier and Minister of Finance for the British Virgin Islands, the Honourable Andrew A. Fahie, said

“It is of utmost importance that our citizens receive immediate and proportional response in the midst of emergencies. LIFElabs’ innovative financial technology comes at a pivotal time for our people and our economy, while the memory of recent natural disasters remains fresh in our minds and hearts, and the pressure for increased economic efficiency keeps mounting. It is with high expectations that we enter into this unprecedented partnership, together, building a better BVI for the future.”

<Copyright © TokenPost. All Rights Reserved. >

The commenting service is available only after having logged in.
More
  • Bitcoin (BTC) $8,086.56 (+3.28%)
  • Ethereum (ETH) $253.32 (+4.08%)
  • XRP (XRP) $0.390100 (+3.23%)
  • Bitcoin Cash (BCH) $415.71 (+4.49%)
  • Litecoin (LTC) $100.72 (+14.06%)
  • Bitcoin (BTC) $8,086.56 (+3.28%)
May 24, 2019 (Friday)
12:18
Crypto Technicals: ETH/USD retraces above 1H 200-SMA, 'Hammer' on daily charts signals further gains
10:50
German engineering giant Bosch trials Ethereum blockchain
10:39
Crypto Technicals: BTG/USD grinds higher along 21-EMA, breakout at 61.8% Fib (25.74) will accentuate gains
09:33
Bank of Russia to review proposal on gold-backed cryptocurrency
09:17
Blockchain software firm Unstoppable Domains raises $4M from Draper Associates, Boost VC
08:45
Crypto Technicals: LTC/USD bounces off 21-EMA support, next bull target $109
08:45
Robinhood Crypto is now in New York
07:27
Facebook to launch its cryptocurrency 'GlobalCoin' in Q1 2020: Report
07:25
California resident sued for alleged $26M crypto Ponzi scheme
06:33
AT&T teams up with BitPay to become the first telecom to accept cryptocurrency payments
06:16
Rep. Swalwell accepting bitcoin donations in bid for US presidency
06:10
Grayscale receives FINRA approval to open Ethereum Trust to individual investors
05:12
Indian telco Airtel selects IBM for blockchain-based pan India anti-spam call solution: Report
05:07
Binance CEO CZ seeks compensation for reputational damage from Sequoia
04:06
Overstock.com’s blockchain subsidiary signs MOU with Lusaka city to develop land governance platform
03:57
Toyota, University of Tokyo, TRENDE to start testing blockchain-based electricity trading solution
03:14
Russia's NSD to roll out security token blockchain in June
May 23, 2019 (Thursday)
12:15
Crypto Technicals: IOT/USD holds 21-EMA support, retrace till 0.3185 (200-DMA) likely on break below
12:11
Coinstar extends bitcoin buying service to 21 US states
11:38
Crypto Technicals: BTC/USD bounces off session lows with 'Hammer' formation, bias neutral
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft