Coinbase to Allow Remittance Receivers in Mexico to Cash Out in Local Currency
Coinbase, a leading U.S.-based exchange, has announced it will now allow remittance receivers in Mexico to cash out the funds received through its service in local currency. This marks the first foray of the company into the Mexican remittance business, allowing customers to cash out in more than 37,000 convenience stores and other locations in the country. Coinbase Allows Mexicans to Cash Out Crypto Remittances in Pesos
Popular cryptocurrency exchange Coinbase announced this week it was making its first foray into remittances in Mexico. While the exchange already allowed customers to send cryptocurrencies to any other Coinbase user in the world, it will now offer remittance receivers the option of cashing out funds in the local fiat currency, in this case, the Mexican peso.
Coinbase announced it has arranged for these remittances to be exchanged in more than 37,000 convenience stores and other locations around the country. Remittance receivers will be able to make the transactions by generating a unique redemption code in the app. The move is a result of Coinbase seeking to eliminate friction in crypto-to-fiat exchange.
Coinbase expects that this use of cryptocurrency will allow the company to be competitive when compared to traditional remittance alternatives already on the market. The use of this tool will be free until March 31, 2022. Remittances and Fees
However, after the aforementioned date, Coinbase will start collecting fees on these services. The exchange announced it will charge “a nominal fee that’s still 25–50% cheaper than traditional cross-border payment solutions.”
The exchange says it recognizes remittances are a global issue, hinting at a possible future expansion of this service to other countries. On this, the exchange stated:
While we’re starting in Mexico, over time we’ll consider other regions where customers face similar challenges.
The business of remittances in the U.S./Mexico corridor is a multi-billion dollar enterprise. According to numbers from the World Bank and the Bank of Mexico, Mexican families received $42.17 billion in remittances through the first ten months of 2021, with most of these funds coming from the U.S. In October alone, almost $5 billion were sent to Mexicans mostly through money orders and electronic transfers. Tags in this story Cash Out, Coinbase, fiat currency, local currency, Mexico, Pesos, remittances
What do you think about Coinbase’s local currency cash-out initiative for crypto remittances in Mexico? Tell us in the comments section below. Sergio Goschenko
Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved. American Truckers Are Planning a Convoy to Washington, Group Raises Over $100K NEWS | 20 hours ago Russia Adopts Law Allowing State to Seize Illegal Funds, Digital Assets From Officials NEWS | 1 day ago
Image Credits: Shutterstock, Pixabay, Wiki Commons, Burdun Iliya Previous articleFlutterwave Raises $250 Million in Series D Funding Round, Startup Now Valued at Over $3 Billion Next articleBitcoin, Ethereum Technical Analysis: ETH Remains Below $2,800 to Start Weekend Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItMcDonald’s Trademark Filings Hint at Fast Food Giant"s Intent to Produce Metaverse Restaurants
Following a slew of well known brands filing trademarks for metaverse related products and virtual goods, the American fast food firm founded in 1940, McDonald’s, has filed for ten trademark applications that describe plans to offer virtual restaurants and other ... read more.Binance Invests $200 Million Into the Business Magazine and Digital Publisher Forbes Fintech Specialists Predict Ethereum Price Hitting $6,500 This Year Before Rising to $26,338 by 2030 City of Miami Gets $5.25M Disbursement From Miamicoin as MIA Flounders 88% Lower Than Price High US Inflation Jumps to 7.5%, CPI Climbs at Fastest Rate in 40 Years, Citizens See Little Wage Growth