Cryptocurrencies, like bitcoin, are seen as a way for people to send money to family and friends abroad due to their borderless nature.
Coinbase Global said on Tuesday it is launching a pilot program to allow cryptocurrency recipients in Mexico to cash out their funds in pesos, a move intended to shake up the $700 billion global remittance market.
Cryptocurrency recipients in Mexico can now generate a redemption code on their Coinbase app that can be used to receive cash at 37,000 retail, convenience stores, and financial institutions across Mexico such as Oxxo, Bansefi, BanCoppel, Soriana, and Telecomm Telegrafos said the cryptocurrency market in a blog post on Tuesday.
Coinbase will allow to the collection of cryptocurrencies in Oxxo.
Cryptocurrencies, like bitcoin, are seen as a way for people to send money to family and friends abroad due to their borderless nature and fewer middlemen than currency transfers. (onlineslotsx.com/au/best-payout-casinos)
The service will be free until March 31, after which customers will be charged a “nominal fee that is still 25-50% cheaper” than traditional international payment options, Coinbase said.
Coinbase added that the pilot program will start in Mexico and the company will consider other regions over time.
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Source: reuters.com, forbes.com.mx