Coinbase will allow recipients of cryptocurrencies in Mexico to charge in pesos

Coinbase will allow recipients of cryptocurrencies in Mexico to charge in pesos

CoinbaseGlobal said on Tuesday that it is launching a pilot program to allow recipients of cryptocurrencies in Mexico to collect their funds in Mexican pesos, a measure aimed at shake up the $700 billion global remittance market.

Cryptocurrencies, like bitcoinare considered a way for people to send money to family and friends abroad due to their borderless nature and fewer middlemen than currency transfers.

Cryptocurrency receivers in Mexico now they can generate a redeem code in their Coinbase app that can be used to receive cash at 37,000 retail and convenience stores across Mexico, the cryptocurrency market said in a blog post on Tuesday.

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

coinbase He added that the pilot program will start in Mexico and the company will consider other regions over time.

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