Suarmi launches the first jMXN fiat on and off-ramp in Mexico!
We are beyond excited to announce that Suarmi, a non-custodial fiat on and off-ramp operating in Mexico, now allows anyone to buy and sell jMXN with and for Mexican Pesos! Besides offering to Mexican a direct access to the Jarvis ecosystem and to DeFi, this new partnership is a major step toward launching remittance corridors with Mexico!
Suarmi, a non-custodial fiat on and off-ramp
Suarmi is a company allowing the purchase and sale of virtual assets without custodial service, on multiple networks such as BNB Chain, Gnosis, Avalanche or Polygon!
Non-custodian
Unlike centralized exchange, Suarmi is like a vending machine: users send fiat using the SPEI system (Mexican payment network, allowing near-instant bank wire) and, upon the payment reception, receive the crypto-assets to the public address they have provided when they registered.
This is the most direct way to buy or sell cryptocurrencies in Mexico.
Easy registration
The onboarding experience is simple: users are required to provide their name, phone number and email address, selfie, and pass a KYC verification.
MXN <> jMXN
Starting from today, Suarmi allows anyone in Mexico to buy and sell jMXN on Polygon, with a 0.65% fee.
jMXN
jMXN is Jarvis’ Mexican Peso stablecoin. jMXN is over-collateralized with USDC, is very liquidi and keeps its peg thanks to its convertability for USDC at the Chainlink price feed, and without any price impact!
Users can swap jMXN for any other jFIAT or for USDC on Jarvis Exchange, and for any token on Polygon on Paraswap.
Access to DeFi
The primary use case of this new fiat on and off-ramp is to provide an easy and direct access to DeFi! Because jMXN can be converted withour price impact for USDC, it becomes a bridge between a Mexican bank account and the DeFi ecosystem and its on-chain liquidity!
For example, anyone can now buy MATIC, WBTC or AAVE using Suarmi and Paraswap! Paraswap is a on-chain liquidity aggregator, connecting jMXN to the entire on-chain liquidity of USDC, to deliver the best price to the users.
Remittance and cross-border payments
Mexico’s remittance inflow will grow 9.4% year over year in 2022 — the second-fastest growth rate globally — to hit $56.24 billion, and attracts cryptocurrencies giant like Coinbase and Tether, who both recently made annoucement related to this market!
Surani offers to off-ramp jMXN for MXN in Mexico, enabling a new remittance corridors, between the US and Mexico, or Europe and Mexico for example, by connecting USDC of jEUR on-ramps with jMXN off-ramp!
These corridors would leverage Jarvis’ 0-price on-chain Forex market to swap USDC or jEUR for jMXN, and USDC’s or jEUR 0-fee on-ramps!
Onward…
Developpers and entrepreneurs can now leverage these two use cases to build fiat to crypto brokers and remittance application that abstract all the complexity of these routes, to provide users the cheapest and fastest services for international transfers or purchasing crypto-assets!
About Suarmi
Suarmi is a non-custodial exchange (fiat <-> crypto ramp) with the mission of being the easiest, and most convenient way to move between tradfi and web3 without sacrificing ownership and taking advantage of the SPEI banking system in Mexico.
- Website: https://www.suarmi.com/
About Jarvis Network
Jarvis Network is a set of protocols and applications on EVM-compatible chains to bridge legacy and decentralized finance (DeFi). Its mission is to build an infrastructure layer that can be leveraged by anyone to develop use cases facilitating the adoption of DeFi, and to build applications to onboard the next billions of users. Its first protocol, Synthereum, pioneers an innovative and capital-efficient manner to issue and exchange synthetic fiat currencies called jFIATs, thanks to a fully on-chain Forex market. jFIATs are stablecoins designed to be usable: they keep their peg, are highly liquid, and are scalable.
