El Salvador Unveils Sivar Digital Platform with Modveon Partnership
El Salvador's government has partnered with Modveon to launch Sivar, a national digital platform that connects citizens with verified communities and businesses while providing cross-border payment services. The platform is built around Modveon's Verified Operating System, which combines identity verification, trusted connections, communities, payments, and AI-powered services.
Salvadoran users can verify their accounts using their national identity card and join communities based on geography or interests. Sivar also offers a $2 flat fee for eligible US residents sending money to verified recipients in El Salvador, regardless of the transfer amount. The service is integrated with Coinbase, allowing users to fund transfers through Coinbase Onramp from US bank accounts or debit cards.
The launch comes five years after El Salvador made Bitcoin legal tender under President Nayib Bukele. However, despite the government's efforts to promote cryptocurrency adoption, only about 1.75% of remittances were transferred through crypto wallets since the legal tender law took effect.