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 Bansefi, BanCoppel, Soriana, and Telecomm Telegrafos. this Tuesday the cryptocurrency market in an entry on his blog.
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.
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.
The cryptocurrency market added that the pilot program will start in Mexico and the company will consider other regions over time.
