Sivar Brings Low-Cost Remittances to El Salvador with Coinbase Partnership

Sivar, a new remittance service between El Salvador and the United States, has launched nationwide. The service uses Coinbase's payments infrastructure to facilitate transactions in stablecoins on Ethereum layer-2 Base.

The flat processing fee for remittances is $2 per transaction, with a minimum transfer amount of $25. More than 25,000 people signed up for the service before its official launch on September 29.

Modveon, the developer and operator of Sivar, emphasizes that it's a cooperative project with the government based on its contract with public agency AAB. However, the National Bitcoin Office disputes this claim, stating that the government has no plans to launch or operate bitcoin, cryptoasset, or stablecoin wallets.