The other day, British Virgin Islands (BVI) announced a collaboration with crypto startup LIFElabs.io in order to provide a Rapid Cash Response should any massive emergency take place. The partnership will allow creating a way to transact crypto across the islands to help victims.
Crypto comes to rescue
Recently, the Premier and finance minister of the BVI, Andrew A. Fahie, announced in a press release that from now on smartphones of BVI citizens will be able to send and receive crypto via the LIFElabs.io-developed app – LIFEwallet.
This will help victims of emergencies and natural disasters to promptly receive financial support from their friends, relatives or just volunteers from around the world.
Two years ago, the Irma hurricane brought damage to the BVI, totalling $3 bln, while the country’s GDP equals just $1 bln.
All BVI citizens will be able to download apps produced by LIFElabs.io. Crypto payments on the BVI are 50 percent cheaper than traditional online payments through Automated Clearing House.
The app will be available both on iOS and Android. For those who do not possess smartphones, the startup will enable sending Bitcoin, ETH and the startup’s own coin LIFE via SMS.
LIFElabs.io is a crypto platform that supports philanthropic causes around the world. It offers various products and services, among which are the LIFEwallet app for P2P transactions and blockchain Platform as a Service (PaaS), targeted at philanthropic goals.