2 November 2024
Coinbase Allows Users to Convert Crypto into Mexican Pesos
One of the leading Cryptocurrency exchanges, Coinbase, has announced the launch of a trading program that enables Crypto recipients in Mexico to cash out their funds in pesos. The aim of Coinbase is to shake up the $700 billion global remittance market with the latest development. Also, Coinbase is the first Crypto exchange to get listed on Nasdaq.
As per the World Bank statistics, in 2020, ex-pats and immigrants all over the world sent $700 billion from the US to their families and friends back in their home countries. Although, there are many challenges one has to face in today’s traditional cross-border payment offering. For instance, the fees of the sender can go up 6 to 7%, and recipients can only receive money in cash in their local currency. Additionally, they have no choice but to save, grow or protect their funds from losing purchasing power due to inflation.
To overcome such issues, Coinbase has come up with a solution where recipients in Mexico can cash out their Cryptocurrency holdings in their local currency. It has low transaction fees for sending and cashing out Cryptocurrency. It will also allow flexibility in storing funds, and recipients can even keep more of their funds. Cryptocurrencies have become the major source to send funds to family and friends abroad due to the borderless nature of Cryptocurrency and fewer intermediaries than traditional currency transfers. Mexican consumers can now convert Cryptocurrency and sent it into local fiat currency at over 37,000 physical retail outlets and convenience stores across the nation.
Disclaimer: The author’s thoughts and comments are solely for educational reasons and informative purposes only. They do not represent financial, investment, or other advice.
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