DailyCoin
Published Feb 17, 2022 10:30AM ET
Updated Feb 17, 2022 11:01AM ET
Coinbase: Mexicans Will be Able to Collect in Pesos the Remittances Sent in Cryptos
Coinbase (NASDAQ:COIN) Global announced the launch in Mexico of a pilot program that will allow recipients of cryptocurrency funds sent from abroad to collect their money in pesos, in a press release posted on its blog.
The American crypto exchange thus seeks to bite into the gigantic global remittance market that in 2020 exceeded 700 billion dollars, according to figures from the World Bank.
The ease of sending and the low cost of transactions in cryptocurrencies such as Bitcoin and other cryptocurrencies are capturing and increasing the number of users in many countries that have adopted digital money as a form of payment.
Through the Coinbase platform, whose main offices operate from San Francisco, California, it will now be possible to send cryptocurrency remittances to family and friends in Mexico, which can be collected in local currency, the company explained.
“We are introducing the ability for recipients in Mexico to withdraw their cryptocurrency holdings in their local currency,” Coinbase said. “The lower price of sending and collecting cryptocurrencies and the flexibility in how funds are stored will allow recipients to keep even more of their money,” it added.
On the Flipside
Among Coinbase’s operating partners that will offer this service are Bansefi, Soriana, Telecomm Telégrafos and BanCoppel, the exchange detailed.
Users will be able to make withdrawals in pesos or keep their funds in crypto. Likewise, the platform offers the possibility for the recipient of the funds to change them to 100 other supported cryptocurrencies, including USDC.
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