The Tribune

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

A BAHAMAS-based 'Fintech' firm that offers consultancy services for potential Bitcoin and cryptocurrency investors has seen a "tremendous increase" in business since late 2017.

Island Crypto, a Bahamian-based company focused on cryptocurrency and blockchain technology, is aiming to become a leading provider in cryptography and distributed systems in the Bahamas.

Island Crypto, and its parent company, Fintegic Group, were founded by Tevin Wilkinson, its chief executive, along with Fabian Williams and Wheatly Wilson. They opened for business in March 2017.

"Business has tremendously increased from the last quarter of 2017," said Mr Wilson. "We have noticed that persons, especially millennials, are seeking new ways to invest their money.

"With safeguarding our clients' data and information, we can say that Island Crypto has had clients from all walks of life - from those considered as the elite and upper class to those just getting by but seeking a way to secure their future.

"While there are risks involved with any investment, the cryptocurrency market tends to be extremely more volatile. When we meet with potential clients we urge them not to only think of volatility as something bad because it can be positive and work in your favour."

Mr Wilson added that the Fintegic Group develops and delivers both software and hardware solutions for businesses, governments and individuals to securely move an asset across a blockchain, as well as purchase and accept cryptocurrencies in any business.

"The expertise of The Island Crypto/Fintegic Group ensures successful, easy, fast, secure and cost-effective connectivity to the blockchain and the world of cryptocurrency. We pledge to be the leading provider of blockchain technologies, on the forefront of work in cryptography and distributed systems in the Bahamas," said Mr Wilson.

"We utilise the technology of the blockchain to allow companies to successfully digitise their assets and safely transact them over the Internet - making the Bahamas safer, simpler and more efficient, improving the day-to-day ease of doing business in the Bahamas. "Our task is to solve problems that undermine trust in today's financial and peer-to-peer systems. We provide a range of turnkey solutions, software and hardware solutions, and expert professional services to companies deploying new block-chain/cryptocurrency-based networks."

Mr Wilson added that while the Internet allows for the digitisation of information, and its transfer globally, it lacks a solution to do this securely. "We want to power interoperable markets that are fair and accountable," he said.

"Openness, accountability and public ledgers should be the norm, and should not require users to sacrifice privacy. We seek to empower users with trustworthy and secure financial mechanisms via public auditability of their transaction history, without disclosing more than is necessary for the integrity of the person.

"When someone in a business network requests a transaction, the transaction is deployed to other computers in the network. When this happens the network validates and confirms the transaction using cryptographic algorithms," Mr Wilson continued.

"Once the transaction is combined with other transactions it creates a new block of data for the ledger, and the new block is added to the network's blockchain in a way which is permanent. Looking from a business perspective, it's helpful to think of blockchain technology as a type of next-generation business process improvement software.

"The blockchain promises the ability to improve any business processes that occur between companies, radically lowering the 'cost of trust'. For this reason, it may offer considerably higher returns for each investment dollar spent than traditional internal investments. It's hard getting the return by yourself; you must be willing and able to collaborate with customers, suppliers and competitors in ways that you have never done before."