Despite the touted benefits of blockchain transactions, cryptocurrencies have faced a lot of resistance in terms of mass adoption. Traditional financial institutions have in some cases demonstrated their disapproval towards the nascent and disruptive technology. However, it is rather impossible for cryptocurrencies to gain mass adoption without collaborating with traditional systems for the time being.
With this in mind, Divi has decided to delve into the fintech industry as a means of fostering crypto adoption and the development of its project. Divi announced that is has secured a 30% stake in a Costa Rican remittance fintech - Remesas Instantaneas (rebranded as Ridivi).
Ridivi is founded by two brothers – Yann and Stephan and already boasts of over 10,000 clients for the remittance business. Their model which has been described as “the ultimate remittance platform” is built to compete with remittance behemoths like Western Union.
As a core part of the Divi ecosystem, Ridivi will be opening 5 more offices with the aim of outperforming banks and remittance companies. The business will slowly transition to a crypto-only system with DIVI. The new business will allow Divi function within the confines of existing financial legal frameworks, whilst combining the potentials of a crypto wallet. For a start, Divi will be implementing a one-click bank fiat accounts option for mobile and desktop apps, a one-click fiat-to-DIVI and vice versa conversion, debit cards and worldwide wire transfer options.
Our goal is to eventually bring fees close to zero, and when that happens, it opens up a new financial world. The Divi platform will provide a place for entirely new classes of businesses to emerge.
This is Divi’s plan to go after the $700 Billion remittances market. We attack from two sides at once. From the top, we undercut the banks and remittances companies with lower prices, better service, and better technology. We will provide our customers with smartphone fiat accounts and worldwide financial inclusion. Meanwhile, from the bottom, we build crypto infrastructure and attack with near-zero fees. Nobody can beat us because, with our plan, we don’t need to charge fees to profit since we own it all, and we will locate our profits elsewhere in the value chain.