By Petrache Ionut Jun 6, 2022
Jarvis Network is a collection of protocols and apps on EVM-compatible chains (DeFi) to interconnect centralized and decentralized finance. Its first protocol, Synthereum, pioneers a novel and capital-efficient way to issue and exchange over-collateralized synthetic fiat currencies dubbed jFIATs. jFIATs are over-collateralized, maintain their peg and are very liquid. Jarvis is building an ecosystem around its jFIATs, an infrastructure layer, comprised of multiple fiat on and off-ramps and protocols like money market, AMM, yield aggregators etc. with the goal to serve multiple use cases: ease users on-boarding into DeFi, allow payment and lending in any currency on-chain, perform cross-border payments, etc.
A leap for Mexico
Anyone can now purchase and sell jMXN, Jarvis’ over-collateralized Mexican Peso stablecoin, with and for Mexican Pesos through Suarmi, a non-custodial fiat on and off-ramp operating in Mexico! This new agreement is a significant step toward starting remittance corridors with Mexico, in addition to giving Mexicans direct access to the Jarvis ecosystem and to the entire DeFi liquidity and opportunities!
Suarmi is a business that enables the buying and selling of virtual goods on various networks as BNB Chain, Gnosis, Avalanche, or Polygon without the need for custodial service. This protocol functions like a vending machine, as opposed to centralized exchanges, by allowing users to transfer cash using the SPEI system (a Mexican payment network that enables almost instant bank wires) and then receive cryptocurrency assets to the public address they specified when registering.
This is the most direct way for Mexican people to buy or sell cryptocurrency!
Since June 13th, Suarmi has made it possible for anybody in Mexico to buy and sell jMXN on Polygon for a fee as low as 0.65%.
Jarvis' Mexican Peso stablecoin is called jMXN, over-collateralized with USDC (124%). Due to its convertibility for USDC at the Chainlink price feed and without price impact, jMXN is as liquid as USDC, and maintains its peg since it can be redeemed for USDC at its face value, provided that the protocol has enough collateral..
On Jarvis Exchange, users can exchange jMXN for any other jFIAT or for USDC, and on Paraswap, they can exchange it for any Polygon token.
Accessible to Everyone
This new Fiat on and off ramp's purpose is to give users quick, direct access to DeFi. A bridge between a Mexican bank account and the DeFi ecosystem and its on-chain liquidity is made possible by jMXN's ability to convert without affecting the price for USDC.
For instance, with Suarmi and Paraswap, anyone may now purchase MATIC, WBTC, or AAVE! In order to give users the best pricing, Paraswap, an on-chain liquidity aggregator, connects jMXN to all of the USDC on-chain liquidity.
Remittance and Cross Border Payments
Mexico attracts cryptocurrency juggernauts like Coinbase and Tether, both of which recently made announcements linked to this sector, and will see remittance inflow climb 9.4% year over year to hit $56.24 billion in 2022, the second-fastest growth rate globally.
Surami promises to connect USDC or jEUR on-ramps with jMXN off-ramps, creating a new remittance corridors between the US and Mexico and even Europe and Mexico!
These corridors would make use of the USDC or jEUR 0-fee on-ramps and Jarvis' 0-price on-chain Forex market to exchange them for jMXN!
We love these kinds of initiatives, they always show that Cryptocurrency and Blockchain technology as a whole can have a positive impact in people's lives.
Keep up to date with all Jarvis Network initiatives on Twitter.
Website - https://jarvis.network/
Twitter - https://twitter.com/jarvis_network
Discord - https://discord.com/invite/2GbKwERXDc
Medium - https://medium.com/jarvis-network
Docs - https://learn.jarvis.network/