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Private Island In The Bahamas Seeks Bitcoin Lightning Wallet Provider Partnership
Chub Cay, an island in the Bahamas, is actively looking for a Lightning Network wallet provider to launch a bitcoin standard to pioneer financial inclusion.
Uzma D.
7:42 22nd Jul, 2022
Bitcoin

Chub Cay is an island located in the Bahamas and is currently looking for a Bitcoin Lightning Network wallet provider to partner with.

Chub Cay Resort and Marina conducted an internal survey showing over 50% of its employees want at least some of their paychecks in bitcoin.

The lack of banks and financial education in the area make using traditional banking systems inefficient and at certain times, impossible.

Chub Cay – an island nested within the Berry Islands district of the Bahamas – is a private island seeking to adopt a bitcoin standard, and they need a strong Lightning Network wallet service provider to bridge infrastructural gaps, per a recent interview with Bitcoin Magazine.

The adoption of a bitcoin standard on the island will be driven by Chub Cay Resorts and Marina, the largest employer of the island which is owned in full by energy tycoon George Bishop – who also owns the island. In a recent internal survey, the resort found that over 50% of its staff want to receive at least some of their paychecks in bitcoin.

The employees of the resort, including locals, noted a desire for access to bitcoin due to extreme difficulties associated with operating on a fiat standard. A high percentage of the locals on the island are unbanked and lack financial literacy, which is worsened when one considers the lack of access to traditional banking institutions for many islanders in the Bahamas.

In fact, many islands do not even have a bank, which requires extended time, effort and resources, plus a $7 remittance fee every time someone wants to send some money back home to help their loved ones. For those who are unbanked or uninformed entirely considering money services, the process can become nearly impossible.

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