Coinbase, the world’s largest cryptocurrency exchange, has announced the start of a trading program that would allow cryptocurrency recipients in Mexico to cash out their holdings in pesos. Coinbase intends to shake up the $700 billion global remittance sector, which involves immigrants from all over the world sending money home from the United States.
Low transaction fees for receiving and cashing out cryptocurrencies allow Mexicans to receive and hold funds in a variety of ways. Due to the borderless nature of cryptocurrency and the fewer intermediaries involved than traditional money transfers, cryptocurrencies such as Bitcoin are viewed as a significant means for people to send funds to friends and relatives in other countries.
Customers can now send cryptocurrency to Mexican receivers directly from the Coinbase app. The recipient might opt to cash out or store the funds in their Coinbase account after they receive them.
If users want to cash out some or all of their balance, they can use their Coinbase app to get a redemption code that can be used to get cash from any of Mexico’s 37,000 physical retail outlets and convenience stores.
Coinbase has long offered a free means to send cryptocurrency to family and friends anywhere in the globe, as well as the ability to invest in any of the 100+ cryptocurrencies we support. Customers in Mexico will be able to cash out their crypto for free through this new service until March 31, 2022. Customers will be paid a modest cost after that date, which is still significantly less than standard cross-border payment alternatives. Coinbase also became the first cryptocurrency exchange to be listed on Nasdaq in conjunction with this latest development. Coinbase is on a mission to improve global economic freedom, and it will investigate other places where individuals face similar issues in the future.
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