Coinbase to allow crypto recipients in Mexico cash out in pesos

Cryptocurrencies are seen as an important way for people to send money to family and friends overseas because of the borderless nature of crypto and fewer intermediaries than traditional currency transfers.

Crypto recipients in Mexico can now generate a redemption code on their Coinbase app that can be used to receive cash at 37,000 retail and convenience stores across.

The service will be free of charge through March 31, 2022, after which customers will be charged a ‘nominal fee that’s still 25-50% cheaper’ than traditional international payment options.

The pilot program will begin in Mexico and the company will consider other regions over time.