Pigzbe: Cryptocurrency Wallet for Kids
London-based start-up Pigzbe is launching an interactive digital 'piggy wallet', powered by its own family-friendly cryptocurrency, to help children aged six and over learn about money.
Pigzbe is a digital service that allows parents to transfer money to their children, as well as a physical device that acts as a cryptocurrency wallet and game controller. The blockchain-based device is powered by Wollo, Pigzbe's crypto token.
By using a crypto piggy bank, children not only learn about saving, exchanging and spending, but also about volatility, as Wollo's value is likely to fluctuate. Kids will also learn the foundations of modern money through an immersive game featured in the accompanying app. They can play it using their Pigzbe device, which will send them haptic and visual signals.
The service comes with a Wollo card, which kids and parents can use to spend their cryptocoins with selected retailers in the real world. Wollo coins will be available in June 2018. Pigzbe plans to deliver its product and platform in Q2 2019.
Financial illiteracy is a real problem in the US, with only 57% of adults in the country having an understanding of basic financial concepts (Global Financial Literacy Center, 2016).
In a cashless society, where money becomes a more abstract concept, products like Pigzbe could make it easier for families to talk about money – a habit that has been found to improve children's financial literacy (OECD, 2017).