Coinbase To Let Crypto Recipients In Mexico Cash Out In Local Currency
NDTV
Coinbase Global has said it is launching a pilot programme to allow cryptocurrency recipients in Mexico to cash out their funds in pesos
Coinbase Global has said it is launching a pilot programme to allow cryptocurrency recipients in Mexico to cash out their funds in pesos, a move aimed at shaking up the $700 billion global remittance market.
Cryptocurrencies such as bitcoin are seen as an important way for people to send money to family and friends overseas because of the borderless nature of crypto and fewer 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 cryptocurrency exchange said in a blog post on Tuesday.
