Coinbase stated on Tuesday (February 15) that it has made it less expensive and convenient for Coinbase users in Mexico to pay out. Shilpa Dhar, VP of Product, and Moheeth Alvi, Lead Product Manager for Payouts, explained that cryptocurrency beneficiaries in Mexico would be able to “cash out crypto in national currency at over 37,000 places around the country or can save the crypto in their Coinbase account.”
The problem was that according to the World Bank, in 2020, immigrants and expatriates from across the world remitted around $700 billion from the US to their family and friends back home. However, sender charges can climb up to 6%–7%, and receivers can only accept money as cash in their local currency.
Here Coinbase revealed how they have upgraded their cryptocurrency remittance service: “Here’s how it performs: users may now instantaneously send crypto to recipients in Mexico right from their Coinbase app.” Once received, the receiver will receive a message and will be able to immediately access the coin balance on their Coinbase account. The receiver can then opt to cash out or store the amount in their Coinbase account. If users wish to cash out any portion of their amount, they may create a redemption code from their Coinbase app, which can be used to collect cash from 37,000 actual retail outlets and convenience stores located across Mexico.”
Coinbase also stated that it is exploring spreading this service to other nations with comparable pain areas.