Coinbase to Allow Crypto Recipients in Mexico to Cash Out in Local Currency

The logo of Coinbase Global Inc, the largest U.S. cryptocurrency exchange, is displayed on the jumbotron Nasdaq MarketSite and others in Times Square in New York, U.S., April 14, 2021. REUTERS/Shannon Stapleton/File Photo

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Feb 15 (Reuters) – Coinbase Global (COIN.O) said on Tuesday it was launching a pilot program to allow recipients of cryptocurrency in Mexico to cash out their funds in pesos, a move aimed to shake up the global cryptocurrency market. remittances of $700 billion.

Cryptocurrencies such as bitcoin are considered an important way for people to send money to family and friends overseas due to the borderless nature of crypto and at least intermediaries than traditional currency transfers.

Crypto recipients in Mexico can now generate a redemption code on their Coinbase app that can be used to receive cash at 37,000 retail and convenience stores across Mexico, the crypto exchange said on Tuesday. currency in a blog post.

The service will be free until March 31, after which customers will be charged “nominal fees that are still 25-50% cheaper” than traditional international payment options, Coinbase said.

Coinbase added that the pilot program will begin in Mexico and the company will consider other regions over time.

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Reporting by Sheila Dang in Dallas; Editing by Mark Porter

Our standards: The Thomson Reuters Trust Principles.

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