The American cryptocurrency exchange, Coinbase, added to its list of services the option that recipients of money sent in cryptocurrencies located in Mexico can withdraw them in the local currency of the country (Mexican pesos).
As a result of the confinement that monopolized the world after the arrival of the Covid-19remittances were an option that many people chose and continue to choose to send money to their loved ones regardless of their geographic location.
Faced with this situation, Mexico has been a region that has been characterized, until now, by receiving more remittances than issuing them. To such an extent that heThey represent 4% of the country’s domestic product according to studies carried out by Statista.
2020 was the year in which the Aztec territory obtained more income and expenses in remittances since 2013. While last year USD 32,930.89 million entered the country and USD 663.58 million left only in remittances, according to Statista.
Therefore, being a country with so much demand in the field of remittances, This new open door facilitates the exchange activity a little more for residents in Mexico, since they will be able to instantly receive the cryptocurrencies sent and make the change to the local currency.
Also, through a redemption code issued by the exchange platform, the recipients will be able to withdraw the money in cash at any of the 37,000 convenience stores and physical retailers in the country. This was reported by the platform through a statement on its website.
Coinbase trades more than 100 cryptocurrencies and the stablecoin USDC, therefore, anyone who wants to invest or simply keep their money in the wallet of the platform; you can do it without any problem in the asset digital of your preference.
Although remittances have become a common activity in latin americamostly between countries in the region, exchange rates are usually very high, so Coinbase will be charging a fee below 25% and 50% of what traditional exchange methods commonly charge.
Similarly, the application can be used for free until March 31 of this year.