Coinbase’s new pilot program will enable users in Mexico to cash out their crypto in the local currency. They will be able to do so at 37,000 retail and convenience stores spread across Mexico.
Coinbase announced the launch of the service in its blog post on Tuesday. It aims to shake up the global remittance market that is worth $700 billion.
To cash out the Crypto fund from their preferred retail and convenience store, users will first have to generate a redemption code on the mobile application of Coinbase. Once generated, they will be able to use that code and securely get their funds in peso.
It will be important to have the mobile application of Coinbase and be the registered user of the same. The feature, even at its pilot level, will be unavailable for those who do have access to the mobile application of Coinbase Global. The cash-out service introduced by Global crypto exchange Coinbase will allow Mexican users to convert crypto into fiat and avoid fees.
Registered users will have free access to the pilot program till March 31, 2022. After that date, Coinbase will impose a nominal fee on cashing out the crypto funds.
The fee that Coinbase plans to charge will be less as compared to the fee charged by traditional payment options. It will be lower by at least 25-30%.
Coinbase plans to launch the program only in Mexico. It will gradually expand to other regions in the future.
Coinbase is headquartered in San Francisco with more than 3,000 listings of Cryptocurrencies and more than 150 trading pairs. It is supported in more than 100 countries and seeks merely $2 as a minimum deposit amount.
The platform has around 56 million verified registered users. The two prominent features of Coinbase are the developer platform and API Documentation.
Source: https://www.cryptonewsz.com/recipients-in-mexico-will-be-able-to-cash-out-crypto-says-coinbase/