Coinbase starts crypto transfer pilot for Mexico

Coinbase starts crypto transfer pilot for Mexico

The US cryptocurrency exchange Coinbase has started testing a pilot program for transfers for recipients based in Mexico in order to benefit from a multi-billion dollar market that is dominated by companies such as Moneygram and Wise

in a Blog entry On Tuesday the stock exchange was led by CEO Brian Armstrong- known that it introduces an “immediate” means of paying crypto that was sent to friends and family south of the US border.

As soon as the crypto has been sent, the recipients receive a message via their coin base app, in which they are asked to choose between a payment or saving the money on their coin base account, according to the stock exchange.

If the recipient opt ​​for a payment, he can generate a code via his coinbase app, which can be redeemed against cash in 37,000 retail stores and convenience stores across Mexico, according to the article.

If you decide to keep the crypto in the app, the recipients can either hold or convert and invest their assets.

"This includes USDC, a stable coin coupled to the US dollar that will help the recipient to secure himself against devaluation of his national currency," said Coinbase.

For the service, there are no fees by March 31, 2022. At this point, according to the stock exchange, the option is still 25 % to 30 % cheaper than conventional cross -border payment methods.

The concerted advance of Coinbase into the transfer market can be seen as an attempt to counteract the headwind that has arisen on the cryptoma markets due to the latest volatility. The listed stock exchange recorded a decline in net income of $ 2 billion in the second quarter of 2021 to $ 1.2 billion in the third quarter Quarse gain .

The size of the global transfer market was estimated in 2020 at over $ 700 billion. According to data from until 2030, this value should increase to around $ 1.22 trillion $ connected market research .

Coinbase also said on Tuesday that it was striving for afterwards and this Part of his mission was to promote the "economic freedom" by providing cryptododes for the 1.7 billion people in the world that are under -supplied or under -supplied.

"We are aware that this is a global problem. And while we start in Mexico, we will consider other regions over time in which customers face similar challenges," said Coinbase.

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The Coinbase article starts crypto transfer pilot for Mexico is not a financial advice.