Bermi Facilitates Low-Cost International Wire Transfers
19 June 2019 — The creators of Bermi, a short-form video social app where a community of creators create their worth, have begun conversations in several Latin American countries to facilitate low-cost international wire transfers. Bermi has proposed developing a wallet app backed by a stablecoin where users may deposit, send, receive, or withdraw money, with nearly zero fees.
As of now, El Salvador and the Dominican Republic are two countries where conversations are being held, and these conversations have mostly been inspired by the issue of remittances. There is an estimated USD $6.5 billion flow in remittances from the United States to the Dominican Republic and a USD $5.5 billion flow to El Salvador.
Currently, the process to send remittances globally is in need of an update. The cost to send money is extremely high and the process has not kept up with the rapid development of technology in the last 20 years, with many individuals still going to authorized centers in person to send money.
The biggest hurdles discussed in these conversations are legal hurdles to ensure Bermi is complying with financial regulations regarding money laundering and transparency. Bermi is expecting to finalize these conversations soon to begin developing the app and operating within the Dominican Republic and El Salvador. While Bermi is still in the early stages of these projects, there are already mentions of expanding into other Latin American countries such as Costa Rica and Guatemala.
Bermi is an associate of IOST that, since its launch in November of 2018, has grown its community primarily in Latin America to over 5 million users, with around 280,000 daily active users. Around 20% of Bermi users have adopted the use of a cryptocurrency since joining the community, with more and more users exploring it despite the option to withdraw funds via PayPal. The Bermi team has a diverse background, coming from elite universities like Columbia, Dartmouth, and Brown, and with experience from big businesses like Google, TripAdvisor, Microsoft, Kayak, Ogilvy, and Deloitte. With a team background like this, Bermi’s bid to promote a digital currency that promotes financial inclusion throughout Latin America seems like a reality that is coming very soon.