Coinbase adds cash out in pesos

Coinbase Global announced on Tuesday that it is looking to launch a pilot program enabling cryptocurrency recipients in Mexico to cash out their funds in the native currency.

As a result, customers may now withdraw their crypto holdings in pesos. To do that, they will be invited to use a special redemption code generated through their Coinbase app and receive their FIAT money at 37,000 retail and convenience stores across Mexico.

The service will remain free through March 31 in a bid to popularize it. After that period a nominal fee would be introduced.

Coinbase claims that even after the fee is introduced, the solution will still oblige consumers to pay just 25-50% of traditional processing fees used by mainstream financial operators.

Coinbase has had a particularly good start to the year so far. The company’s bold attempt to catch the most eyeballs during Super Bowl LVI resulted in a brief website crash which signaled the zeal new consumers showed in the crypto exchange and crypto products in general.

The company similarly introduced a feature allowing consumers to receive tax refunds directly in crypto making for another convenient and highly sought-after feature made a reality.

In early January, the company announced that all employees will get a mandatory four-week break with only a skeletal service running that period.

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Updated: 02/16/2022 — 10:00