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.