Modveon and Coinbase launch Sivar remittance app in El Salvador, supporting low-cost transfers between the U.S. and El Salvador
BIBIBI
AT A GLANCE
Modveon launched Sivar in El Salvador and integrated Coinbase’s infrastructure to support low-cost remittances between the U.S. and El Salvador.
Article
Modveon partners with Coinbase to launch remittance app Sivar in El Salvador, supporting low-cost cross-border transfers on the U.S.–El Salvador corridor
PANews September 29 reported, citing a Coinbase blog, that Modveon launched Sivar, a community and payments application for El Salvador, and integrated Coinbase’s payment infrastructure to provide a low-cost channel for remittances between the U.S. and El Salvador. Sivar includes a non-custodial wallet, allowing users to fund their accounts with a debit card through Coinbase Onramp. Transfers between verified users are powered by Coinbase API and settled in stablecoins on Base, enabling near-instant, low-cost settlement. Compliant users in the U.S. sending remittances to verified recipients in El Salvador will be charged a fixed fee of 2 USD per transaction, significantly reducing costs compared with traditional remittances. Recipients in El Salvador can cash out at more than 1000 offline locations nationwide. Coinbase said it provides Sivar with wallet, fiat on-ramp, payments, and settlement capabilities, with the goal of bringing the country’s large-scale rem...
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🔗https://www.panewslab.com/zh/articles/01a0ed34-070a-7031-972a-a06882827223
Key points
01
Modveon launched Sivar, a community and payments application for El Salvador.
02
Sivar integrates Coinbase’s payment infrastructure to provide a low-cost channel for remittances between the U.S. and El Salvador.
03
Sivar includes a non-custodial wallet, allowing users to fund their accounts with a debit card through Coinbase Onramp.
04
Transfers between verified users are API powered by Coinbase, with funds settled in stablecoins on Base.
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Compliant users in the U.S. sending remittances to verified recipients in El Salvador are charged 2 USD a fixed fee per transaction.
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Recipients in El Salvador can cash out at more than 1000 offline locations nationwide.
AI-assisted interpretation
The following is analysis, separate from reported facts. Verify important claims independently.
Sivar is a remittance application that connects funding, transfers, on-chain settlement, and local cash-out. The reported process is as follows: users fund their accounts with a debit card; eligible users make transfers through capabilities provided by Coinbase; funds are settled in stablecoins on Base; and recipients then cash out at offline locations in El Salvador.
Why it matters to readers
The service combines fixed fees, stablecoin settlement, and offline cash-out, aiming to provide a low-cost channel for remittances from the U.S. to El Salvador while also creating additional cross-border payments use cases for Coinbase and Base.
For newcomers, the key point is that it attempts to make cross-border remittances work like digital payments while retaining an offline cash-out option. However, eligibility, the full fee structure, and the specific stablecoin still require further confirmation.
Risks and unknowns
The original article is truncated at the end, so Coinbase’s stated objective and other subsequent content are incomplete.
The report cites a Coinbase blog; the listed features, fees, and location information have not been independently cross-verified against other sources based on the current evidence.
The evidence does not identify the specific stablecoin used for settlement.
The evidence does not disclose the actual number of users, transaction volume, or total real-world delivered cost.
Related Developments
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The evidence does not provide detailed eligibility requirements for compliant users in the U.S. or verified recipients in El Salvador.
Related concepts
Non-custodial wallet
This term is not in the glossary yet. Browse related concepts in the glossary.
