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Coinbase Enables Mexican Users to Easily Cash Out of Crypto Sent to Them
The exchange plans to offer the service in other countries where customers face similar challenges with remittances.
Updated May 11, 2023, 4:03 p.m. Published Feb 15, 2022, 5:34 p.m.
Global crypto exchange Coinbase (COIN) has enabled a cash-out service in Mexico to convert crypto into fiat and allow users to save on fees.
- Coinbase said Tuesday that users in Mexico can now convert crypto sent to them by other users into Mexican pesos at more than 37,000 physical retail outlets and convenience stores across the country. The company added that users can also save or invest their crypto in a Coinbase account.
- If they choose to cash out any part of their balance, they can generate a redemption code from their Coinbase app that can be used to receive cash at those physical stores located across Mexico.
- The cash-out service will remain free of charge between Tuesday and March 31. After that date, an undisclosed nominal fee will be applied, which will remain between 25% and 50% cheaper than traditional cross-border payment solutions, the company added.
- “We recognize this is a global issue. And while we’re starting in Mexico, over time we’ll consider other regions where customers face similar challenges,” Coinbase’s vice president of Product, Shilpa Dhar, said in a blog post.
- According to the World Bank, immigrants and expatriates based in the U.S. sent approximately $700 billion to their home countries in 2020, Coinbase said, adding that fees for remittance payments can reach up to 7%.
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