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.
Modveon joins hands with Coinbase to launch remittance application Sivar in El Salvador, supporting low-cost cross-border transfers through the Mesa Channel
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