727 FinancePANews reported on September 29 that according to the Coinbase blog, Modveon launched Sivar, a community and payment application for El Salvador, and connected to the Coinbase payment infrastructure to provide a low-cost channel for remittances between the United States and Salvador. Sivar has a built-in non-custodial wallet. Users can deposit funds using debit cards through Coinbase Onramp. Verified transfers between users are driven by the Coinbase API. Funds are settled in stablecoins on the Base chain, enabling second-level, low-cost settlement. Compliant users in the United States will be charged a fixed fee of US$2 per transaction to remit money to a verified recipient in El Salvador, significantly reducing costs compared with traditional remittances. Payees in El Salvador can withdraw cash at more than 1,000 local offline outlets.
PANews reported on September 29 that according to the Coinbase blog, Modveon launched Sivar, a community and payment application for El Salvador, and connected to the Coinbase payment infrastructure to provide a low-cost channel for remittances between the United States and Salvador. Sivar has a built-in non-custodial wallet. Users can deposit funds using debit cards through Coinbase Onramp. Verified transfers between users are driven by the Coinbase API. Funds are settled in stablecoins on the Base chain, enabling second-level, low-cost settlement. Compliant users in the United States will be charged a fixed fee of US$2 per transaction to remit money to a verified recipient in El Salvador, significantly reducing costs compared with traditional remittances. Payees in El Salvador can withdraw cash at more than 1,000 local offline outlets. Coinbase stated that it provides Sivar with wallets, legal currency deposits, payment and settlement capabilities, with the goal of migrating the country's large-scale remittance traffic to the chain.