Coinbase Global Inc COIN will allow users in Mexico to cash out their cryptocurrencies like Bitcoin BTC/USD, Ethereum ETH/USD and Dogecoin DOGE/USD in pesos.
What Happened: Recipients of cryptocurrencies in Mexico will be able to generate a redemption code on their Coinbase app which can then be used to receive cash at 37,000 retail and convenience stores across the country, the company said in a blog post Monday.
The service is free through March 31 and, after that date, a “nominal fee” – that Coinbase says is still 25-30% cheaper than traditional cross-border payment solutions — would apply.
See Also: How To Buy Bitcoin (BTC)
Why It Matters: Coinbase said, citing the World Bank, that, in 2020, immigrants and expats sent nearly $700 billion from the U.S. to their family and friends back to their home countries.
The company pointed out that its users in Mexico can also receive funds in USD Coin (USDC), a stablecoin pegged to the dollar, which “will help the recipient hedge against any devaluation of their local currency.”
Coinbase said, while it is beginning the cash out in local currency service in Mexico, over time it will consider adding other regions “where customers face similar challenges.”
Read Next: Why Analyst Thinks Coinbase Is On Track To Become A 'Generational Company'
Photo: Courtesy of Dennis Sylvester Hurd via Flickr
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