A Review of Divi’s Fintech Solution
Divi believes that difficulties in purchasing cryptocurrencies, the associated high fees of such transactions, as well as the rather unsupportive stance of banks are some of the biggest problems facing the cryptocurrency space. Whilst it may take a few years for cryptocurrencies to go mainstream, Divi is doing what it can to bridge the gap through a hybrid crypto/fiat approach.
To this effect, Divi acquired a stake in a FinTech partner in September 2019. The company is building a remittance platform that could compete with established brands including Western Union.
The acquisition will allow Divi to operate within the confines of existing financial legal frameworks which has been a major hurdle for many digital assets.
For the early version of the roll-out, customers should expect a one-click fiat bank accounts supporting USD and EUR on the Divi mobile and desktop apps. There will also be a one-click fiat-to-DIVI and vice versa feature. This is in addition to debit cards and worldwide wire transfer options within the wallet.
Our goal is to eventually bring fees close to zero, and when that happens, it opens a new financial world.
Costa Rica currently has a fluid banking system which requires minimal KYC – a scanned passport and a phone number. This may become beneficial considering growing KYC and privacy concerns in the cryptocurrency space. Divi has hinted that it may be able to reach people in China and India from Costa Rica. However, these “minimal KYC” accounts can only receive $1500 in a month.