Swiss blockchain startup Pigzbe has unveiled a new digital wallet that seeks to address some of the challenges that kids face with the traditional banking system. The new wallet seeks to eliminate the high fees, slow execution and limited services that children have had to contend with, while banking in the current financial systems.
Pigzbe is the name of the new solution that will double up as a game and wallet. Powered by blockchain technology, the solution will work via a device that functions as a game controller with capabilities of receiving notifications. The long-term plan is to convert it into a secure cold wallet.
Pigzbe uses blockchain technology to enable money transfers with families, borderless, securely and instantly. It also pairs devices with an app that converts gifting and saving into a game, while allowing families to transfer as little as a penny.
The blockchain solution is built on Stellar and is to be powered by the network?s cryptocurrency Wollo. The coin is currently being distributed on Stellar Distributed exchange with a fixed supply. Children will earn a Wollo, when playing finance-based games which can then be used to pay for things using a payment card.
The blockchain digital piggy bank for families recently took the top spot at the international ICO race, beating other 19 competing finalists and in the process claimed the lion’s share of the $1 million prize pool.
Children banking market
Pigzbe seeks to tap into the burgeoning economy made up of 2.2 billion children. Parents are increasingly giving their children regular allowances as part of a learning phase, designed to teach them the need for financial responsibility.
In the recent past, there has been a surge of startups looking to provide services to the burgeoning class of children in need of financial services. Osper is one such service that acts as a pre-paid debit card for children with a minimum age of 8. GoHenry is another card that targets children with a minimum age of 6
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