The most significant new product in the crypto space at CES 2019 was unquestionably the new Ledger Nano X. But we were also intrigued by another hardware wallet called Pigzbe. The device is aimed at kids, providing a way for children to start learning about cryptocurrency from a young age. We went to the company’s booth to take a look.
Best described as a digital piggy bank, Pigzbe simultaneously lets children save their pocket money and parents reward their kids for performing chores.
Pigzbe runs on a new cryptocurrency token called Wollo. It can support both large transactions and international transactions. Wollo is built on the Stellar blockchain.
There are two accompanying smartphone apps. The main Pigzbe app lets parents set tasks, send money to their kids, and even keep an eye on their child’s spending.
The second app is for the child. It encourages good monetary habits by gamifying the saving experience. The more money a child saves, the more complex and immersive the game world becomes. The app also lets children set their own savings goals.
Thanks to the company’s partnership with Wirex (one of the only company’s in the world that offers a debit card that’s linked to users’ crypto wallets), Pigzbe also ships with a regular Visa card, allowing kids to spend their crypto in the real world in a variety of currencies. Parents can control in which shops their children can use the card and set spending limits.
Of course, there’s one massive downside to Pigzbe—assets are only stored in Wollo. As such, the number of dollars, pounds, or euros that your child holds will fluctuate, even if the price of Wollo remains constant. This could prove to be beneficial if Wollo increases in value, but can also work the other way.
Nonetheless, for parents who want to get their children involved in crypto from a young age, there aren’t many better solutions out there than Pigzbe.
The device is expected to start shipping in June 2019.