When my father would send remittances to family in Mexico, we would pay exorbitant fees, cutting into our family’s monthly income. That’s why I am so passionate about the future of remittances in a world of DeFi, states RTRcrypto
Where I grew up, on the southern border in Texas, a tremendous number of people have come to the United States to work and send money back home. They don’t make much money, but they pay considerable fees on their transfers. Their focus is not on getting rich, but on supporting those back home in their native country. They support their families as they do hard labor day in and day out. It costs them too much to do so.
The world needs DeFi due to corruption. Big governments and international corporations are controlled not in the interest of the people, but the interest of their bottom line. Credit cards and personal loans have tremendous fees, as do remittances. DeFi lowers the fees migrant workers pay to send money home, saving them billions of dollars. Some remittances entail fees of more than 20%. Out of desperation, people pay these fees to send a considerable source of their income to households across Africa, Asia and Latin America, helping to lift families out of poverty by providing financial stability.Hundreds of billions of dollars are sent home every year. That’s far more than official development aid.
Thanks to crypto, not only can migrants send money to loved ones back home for less, but those loved ones back home can now earn passive income in the decentralized finance space. They can utilize reward systems like liquidity pools or staking, and behold the power of truly being their own bank. No need to give your hard-earned money over to a middleman; a bank. You do not need negative interest rates.DeFi projects are built for the benefit of others.
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