Coinbase announces free transfers on crypto until March 31

Coinbase has announced a new program allowing Mexicans to use a redemption code to relieve crypto transfers and convert the balance into pesos.

The code can be presented at over 37,000 stores, any transfers made before March 31 will be completely free of charge.

A fee will be charged thereafter, one that Coinbase has announced will be 25%-30% less than existing transfer services.

Coinbase is a secure platform for buying and trading cryptocurrencies. It also provides a service to sell and transfer coins. The company has partnered with Remitly, a money transfer service to arrange the organisation of such transfers.

Remitly holds close connections with Mexican retail outlets such as Oxxo, Sorina, Telecomm Telegrafos, Bansefi and BanCoppel.

The transfer announcement seems to have targeted worldwide money transfer services like Western Union, one that charges transfer fees that can exceed 6%.

Coinbase spoke about its new pilot program, saying: “Customers today can already instantly send crypto to recipients in Mexico directly from their Coinbase app. Once sent, the recipient will receive a notification and can immediately view the crypto balance in their Coinbase account.

“If they choose to cash out any part of their balance, they can generate a redemption code from their Coinbase app that can be used to receive cash at 37,000 physical retail outlets and convenience stores located across Mexico.”

Coinbase added that users can also keep the crypto they receive in their account or convert it into the USDC stablecoin.

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Updated: 02/17/2022 — 18:00