The leading payments company of the Caribbean, WiPay, came out and made its official announcement of the deliverance of the WiCoin Settlement Network on the Hedera mainnet. The WiCoin Settlement Network happens to be the first-ever multi-territory settlement network in the Caribbean.
This very launch happens to be a major move towards the achievement of an inclusive financial module pertaining to the Caribbean, as well as the African countries. It is specially targeted towards the regions where conventional methods of banking services are not at the disposal of many.
The WiCoin Settlement Network, which happens to be the creation of WiPay, brings together various islands with the help of a sole wallet having conventional currency management. The wallet happens to be acting upon the WiPay stablecoin, called WiCoin, which has been created on the Hedera Token Service (HTS).
It happens to be interactive with the Hedera Smart Contract Service (HSCS). This helps towards lessening the time, along with making it cost-effective, in terms of cross-border transactions. This is achieved by doing away with the requirement for mediators and also correspondent banks.
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The WinCoin Settlement Network happens to have more than 50,000 websites, as well as point-of-sale terminals right through the Caribbean. The network provides the opportunity for individuals, as well as businesses, to be able to carry out transferring and making of payments in a safe manner and much quicker and less costly, as compared to the present scenario.
By becoming a unified settlement network, it is able to cross over most of the obstacles set up by each Caribbean country that has its own individual currency. According to the CEO of WiPay, Aldwyn Wayne, the Hedera will be instrumental in completely changing the way the settlement of payments is carried out within these borders. On the other hand, the Founders of the WinCoin Settlement Network honed in on the Hedera network because of its ABFT security, economically structured fees, along with great upgradable factor. All of these, put together, made it the inevitable selection.
According to the Director of payments at the HBAR Foundation, Pete Menash, for a long period, settlements between the Caribbean and Africa had, indeed, their fair share of troublesome obstacles. However, with the collective benefit of both the WiPay team as well as the Hedera network, all of the negative factors are being suitably addressed.
The HBAR Foundation, on its own part, happens to be backing the building of web3 communities on the Hedera network and is actively engaged in boosting and funding builders who happen to be developing the communities. WiPay, on the other hand, was established in the year 2017. It began by addressing the continuing hitches related to digital payments and financial inclusion in the Caribbean. It managed to create a platform that was safe, malleable and user-friendly.
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This provided the option of fast money movement in the case of the banked as well as the unbanked. It happens to be incorporating the present legal methods, drawing in payments through the internet to just about any industry. It also uses the most updated technology, creating an environment of safety and security.
