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In an effort to improve cross border payment offerings, Coinbase (NASDAQ:COIN) on Tuesday introduced the ability for recipients in Mexico to cash out their crypto holdings in their local currency, the company wrote in a blog post.
Customers can instantly send crypto to recipients in Mexico directly from the Coinbase (COIN) app. If recipients chose to cash out any part of their balance, they can generate a redemption code from the app that can be used to get cash at 37K physical retail outlets located across Mexico, according to the post. If they keep funds on Coinbase, they can hold the crypto asset they received or convert and invest their balance in 100+ digital assets, such as bitcoin (BTC-USD), ethereum (ETH-USD) and stablecoin USDC (USDC-USD).
Coinbase (COIN) customers in Mexico will be able to cash out their crypto using this service for free until March 31. After that date, customers will be charged a nominal fee that’s still 25% to 50% cheaper than traditional cross border solutions, the company noted. “Over time we’ll consider other regions where customers face similar challenges,” Coinbase wrote.
Meanwhile, shares of (COIN +6.0%) remain near session highs during power hour, as bitcoin (BTC-USD +4.5%) catches bids at $44.1K per token and ethereum (ETH-USD +7.4%) jumps to $3.1K.
Previously, (Feb. 11) Coinbase partnered with One River to offer crypto accounts for wealth managers.
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