According to the WorldBank’s Remittance Prices Worldwide (RPW), the average global cost for sending a remittance is around 6.79 per cent. The report noted a slight decline from 6.82 per cent in the 4th quarter of 2019 to the 1st quarter of 2020.
South Asia is the most inexpensive cost receiving region with an average payment of 4.95 percentage points. Not Surprisingly, Sub-Sahara Africa remains the most expensive region to send funds to, registering an average of 8.90 per cent in the 1st quarter of 2020.
Banks’ exploitation of humanity was laid bare in the report in an unambiguous manner. The report pointed out that Banks still provide the most expensive services at the median cost of 10.51 per cent. Unmistakably, sending money across borders is quite pricey, especially in developing countries. The phenomenon is an immense obstacle to cross-border value exchanges and financial inclusion.
Dharma Is Tipping The Scales
Dharma was previously peer-to-peer lending and borrowing of Cryptocurrencies at a fixed interest rates project. However, it has metamorphosis into an unlimited and borderless approach to sending and receiving US Dollars.
But there is more! All these services come with a zero fee charge to the users of the platform. At the same time, you earn 1.0 per cent interest on all deposits instantly. Even a dollar in your Dharma account qualifies for earnings, and you can withdraw it anytime without restrictions. All these services are accessible without a bank account at the point of making banks obsolete. You can now say goodbye to the banks and their albatross charges, and cumbersome processes thanks to Dharma.
All one needs is an email address and an internet connection, and then you are a part of the global financial system. It works on devices like mobile phones, tablets, laptops, and desktops.
How It Works
There are two ways to access the Dharma platform to satisfy your banking needs without stepping out of your home or office. Dharma works with stablecoins pegged to the US Dollar. To transfer or deposit funds, you can connect your debit card to your Dharma account. Deposits automatically go into the Compound Protocol (COMP), where borrowers pay 7.81 per cent to access funds.
One-Tenth of the interest generated by user deposits go to the project owners as revenue. The dToken architecture facilitates this process. You can also withdraw money straight to your bank account by using the Withdraw to Bank Account option. But Withdrawals takes five to seven working days through ACH.
There are over 11,500 US banks and credit unions that support this feature. Do not worry, If you are not a resident of the US, have no bank account, or Dharma does not offer debit card in your jurisdiction, there is an option for you. You can deposit, transfer, and withdraw funds using the DAI from wherever in the world. It is the most decentralized stablecoin in the world.
Secure & Non-Custodial
The project is an ERC20 token. Therefore, it has all the security guarantees the Ethereum Blockchain provides. Everything on it is open source, which means you can verify anything that appears in a fully transparent fashion without trusting it.
The Dharma Smart Wallet is the most advanced non-custodial wallet ever designed, which every account is built on top. Users are in comprehensive control of all of their transactions and funds, making it a true DeFi.
Furthermore, Withdrawals are validated by Dharma for superimposed security against any security breach. Whenever an account is created, the cryptographic key is stored on the device used but not in the cloud. So Without the key, money cannot leave the wallet, and in case you ever misplace the device, Dharma can reset the key for you, although it takes a seven days security time. Your Smart Wallet supports all browsers out there.
Banking The Unbanked
Globally, as many as 1.7 billion adults are unbanked, with most of them living in the developing world. That figure is approximately one-fourth of the world’s population. Utterly different from your bank, this Dharma works at any time of the day, all year long. There is nothing like closing time, public holidays, weekends, or unnecessary excuses from staff.
The platform has created a service that is suitable for everyone, particularly the poor who cannot get access to banking services because of regulatory requirements. It is a significant step in escaping poverty.