The Sand Dollar state-backed cryptocurrency is now available to each of Bahamas’ nearly 400,000 inhabitants, Finance Magnates reported.
The initiative’s website noted that the digital currency’s transaction fees are minimal, as noted by the outlet. For its part, the Sand Dollar was rolled out with the help of decentralized, wireless payments system NZIA, which served as the technology solutions provider for the cryptocurrency’s launch.
The cryptocurrency, which can be mailed and received through a mobile phone app, is meant to foster financial inclusion across a region composed of over 700 islands. The news comes as the Eastern Caribbean Central Bank (ECCB) rolled out its own cryptocurrency initiative in 2019.
In other news, J.P. Morgan said the possible long-term upside for bitcoin is “considerable” if it competes with gold more strongly as an alternative currency, Cointelegraph reported. However, the bank said, “Mechanically, the market cap of bitcoin would have to rise 10 times from here to match the total private sector investment in gold via ETFs or bars and coins.”
The outlet noted that bitcoin is still in an early phase when it comes to widespread adoption, build out and technology. A minimum of $2.6 trillion is reportedly kept in gold bars and exchange-traded (ETF) funds.
And, Silvergate Bank landed $586 million in new deposits from people and companies in the digital currency space in the third quarter of 2020, CoinDesk reported, citing an earnings report published prior to the open of the markets on Monday (Oct. 26).
The institution brought on 47 new crypto clients, leading to an overall customer base from the space to 928, according to the report. Its fee income for crypto clients jumped by almost 40 percent to $3.3 million. It had over 68,000 transactions via its fiat on-ramp for bitcoin called the Silvergate Exchange Network.
“We believe that as more FinTech firms and corporate treasuries announce their investments in bitcoin, the ecosystem as a whole will continue to expand,” Silvergate CEO Alan Lane noted, per the report.
Read More: Bahamas Takes Digital Sand Dollar Nationwide