Roughly $800 billion USD flows between families across the globe each year, helping to alleviate poverty and improving quality of life for 1 out of every 7 people worldwide. Celebrating these major contributions by over 200 million migrants, the United Nations observes June 16th as the International Day of Family Remittances (IDFR).
While remittances play a pivotal role in many lives and economies across country borders, sending money internationally often comes with a lofty cost. In response, many people are experimenting with cryptocurrency as a cheaper, faster, and simpler alternative to send financial assistance.
Broadening access to the global economy and eventually, greater financial freedom, is core to Olliv and everything we do. Olliv provides a safe, simple, and easy way to send crypto to other digital wallets. In this small way, we hope to support the helpful impact crypto can have around the globe.
Because crypto is decentralized — meaning person-to-person transactions take place outside the control of third parties like banks or credit unions — individuals can enjoy more autonomy over their finances. What’s more, crypto transfers can typically happen at faster speeds and lower fees than a traditional wire transfer.
When it comes to sending and receiving crypto, a network of computer systems processes and stores transactions in a secure, universal, and 24/7 database known as the blockchain. This process allows anyone to send digital assets across borders without an additional charge and with limited risks of the assets getting lost, delayed, or stolen.
And with internet accessibility gaining headwind in developing countries, crypto remittances are proving instrumental for lowering barriers to the digital economy for the unbanked. Anyone can securely transfer digital assets between wallets using an exchange or financial service platforms like Olliv.