By Shilpa Dhar, VP of Product, and Moheeth Alvi, Lead Product Manager, Payments
Introducing an instant, convenient way for your friends and family in Mexico to cash out the crypto you send them.
Initially, recipients in Mexico will be able to cash out crypto in local currency at over 37,000 locations across the country, or save the crypto they’ve received in their Coinbase account.
In 2020, immigrants and expats from around the world sent approximately $700 billion from the US to their family and friends back in their home countries, according to the World Bank. But many challenges exist with today’s traditional cross border payment offerings: sender fees can reach up to 6–7%, and recipients can only receive funds as cash in their local currency so they don’t have an option to save, grow, or protect their funds from losing purchasing power due to currency depreciation.
Coinbase has long presented a way to instantly send crypto (including stablecoins such as USDC) to family and friends anywhere in the world for free, and to allow recipients to invest in any of the 100+ cryptocurrencies that we support. Today, we’re introducing the ability for recipients in Mexico to cash out their crypto holdings in their local currency. The lower price of sending and cashing out crypto and flexibility in how to store funds will allow recipients to keep even more of their money.
Instantly Send Funds And Cash Out
Here’s how it works: 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. From there, the recipient can choose to cash out or save the funds 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. If they choose to keep their funds on Coinbase, they can simply hold the crypto asset they received or convert and invest their balance in any of the 100+ cryptocurrencies that Coinbase supports. That includes USDC, a stablecoin pegged to the US Dollar, which will help the recipient hedge against any devaluation of their local currency.
Free through March 31st
Coinbase customers in Mexico will be able to cash out their crypto using this new service free of charge through March 31, 2022. After that date, customers will be charged a nominal fee that’s still 25–50% cheaper than traditional cross border payment solutions.
We recognize this is a global issue. And while we’re starting in Mexico, over time we’ll consider other regions where customers face similar challenges.
Coinbase’s mission is to increase economic freedom around the world, and this new product is core to enabling that mission. We want to make it fast and easy for users to send crypto to anyone in the world, and allow recipients to participate in the cryptoeconomy. We’re just getting started.
For NFL fans, 2021 was a great year. Stadiums returned to capacity crowds after the 2020 season was shortened with limited attendance. Stadium parking lots were again filled with the enthusiastic anticipation of tailgaters and their barbequed camaraderie.
It was also a great year for Bitcoin (BTC) investors as the largest cryptocurrency by market capitalization reached all-time high prices multiple times throughout 2021, eventually topping out at $69,000 in early November. This led to a dramatic increase in media coverage of Bitcoin.
Seven NFL players in 2021 decided to call the audible and begin either being paid in crypto or having their cash salary partially converted to crypto. These players have capitalized on the return of the regular season and the increased profitability of Bitcoin.
Aaron Rodgers
The reigning 2020 NFL MVP announced via a Nov. 1 video post on Twitter that he was partnering with Cash App payment service to accept a portion of his salary in Bitcoin. Rodgers will earn roughly $22.3 million this year.
The video depicted Rodgers dressed as John Wick for a Halloween party. If that wasn’t strange enough, likely by design, Rodgers also told viewers that he would donate $1 million in BTC.
In Rodgers’ case, he will have a portion of his salary sent to his Cash App account, which he will then use to buy BTC.
The Twitter profile for the star quarterback for the Green Bay Packers features a picture of himself on the field during a game with the iconic laser eyes, further signaling his support for BTC.
Tom Brady
Tom Brady is another very high-profile NFL star quarterback who dabbled heavily in cryptocurrency in 2021. Brady has not yet said that he is being paid in BTC by the NFL, but he will be paid in crypto by FTX exchange after he took an equity stake in Sam Bankman-Fried’s exchange, and will serve as a brand ambassador.
Brady has not reserved himself to crypto assets alone, however. The iconic football star launched his own NFT platform, called Autograph, in April to attract the top talent in sports, entertainment, fashion and pop culture.
It doesn’t end there for Brady and crypto, though. Late in October, Brady threw the 600th passing touchdown of his career, marking an all-time high for the NFL, and helping to secure Brady’s position as the all-time leading touchdown passer in the league’s history. Brady paid 1 BTC to the fan who was initially given the ball by the receiver who completed the touchdown.
That BTC was worth about $62,000 at the time of the game, but the ball itself may be worth over $500,000 according to Goldin Auctions sports memorabilia auction company.
Odell Beckham Jr.
Odell Beckham Jr. (OBJ) followed in Aaron Rodgers’ footsteps by announcing late in November that he had partnered with Cash App to receive his salary from the NFL in BTC. His contract stipulates that he should receive about $4.25 million from the NFL this season.
The Los Angeles Rams’ wide receiver told fans that he would give back $1 million in BTC as part of his new partnership with Cash App. Beckham appears to be no stranger to the crypto and NFT scene as his Twitter profile dons a Crypto Punk NFT.
In case you haven’t noticed, Jack Dorsey’s Cash App is involved with both OBJ’s and Aaron Rodgers’ BTC salary deal. The payment service app has had a great 2021 through the first three quarters of the year by raking in nearly $10 billion in revenue from 36 million active users and 100 million downloads.
Trevor Lawrence
The Carolina Panthers’ new star quarterback joined the ranks of NFL superstars who are publicly accepting crypto payments. Lawrence’s deal, however, is not with the NFL directly. The 2021 NFL top draft pick’s crypto salary comes from an endorsement deal with the crypto portfolio app FTX (formerly Blockfolio).
The value of his deal has not been made public, but if Lawrence has been hodling his crypto earnings, there is a good chance he has enjoyed an appreciation in value, especially from the Solana (SOL) coins. The total crypto market cap has increased by about $500 billion since late April when the deal was announced.
Saquon Barkley
Saquon Barkley, the superstar running back from the New York Giants, revealed in July that he was converting all of his endorsement pay into BTC. As with most others on this list, Barkley is not being paid directly with crypto. Instead, he is swapping some of his cash earnings for crypto.
Barkley is using the Strike payment app to acquire his BTC. He is not the first NFL player to use Strike to buy BTC with his salary, however. Last year, former NFL offensive lineman Russel Okung became the first player to publicly share that he was using Strike to convert his NFL salary to BTC.
Barkley’s reasoning for trying to amass wealth with BTC revolved around the lack of longevity among NFL athletes. He told The Best Business Show host Anthony Pompliano on July 15:
“When you see the KD’s, the Lebrons and Bradys of the world and you want to create generational wealth, you can’t do that with the sport that I play and the position that I play and coming off of injuries. When you sit out of football for a whole year, you realize that this game could be taken away from you.”
Sean Culkin
Kansas City Chiefs’ tight end Sean Culkin went public with his plans to convert his entire salary from the NFL into BTC. While others on this list committed to converting only a portion of their salary into Bitcoin or being paid for endorsements with cryptos, Culkin is swapping 100% of his salary.
I fully believe Bitcoin is the future of finance and I wanted to prove that I have real skin in the game — not just trying to make a quick buck. I will be converting my entire 2021 NFL salary to #Bitcoin.
Like with Saquon Barkley, Culkin’s reasoning for turning to crypto has to do with the short half-life common among players in the league. The average time most athletes spend in the NFL is 3.3 years, according to Statista. Culkin said in a statement:
“Considering my career—particularly its physical demands, and brevity–it makes the most sense to be paid in sound money that I believe protects its purchasing power over time.”
Aaron Jones
Last but certainly not least on the list of NFL stars earning crypto is the Green Bay Packers’ Aaron Jones. The running back signed a deal with FTX to become an ambassador for the exchange in September. Like with Tom Brady’s deal, Jones purchased an equity stake in the exchange.
Jones will also integrate the FTX Pay platform into his own charity’s website to enable it to accept crypto donations.
By Prakash Hariramani, Senior Director — Payments & Financial Hub, Coinbase
Fast, familiar, and secure ways to move money in and out of Coinbase are key to bringing more people into the cryptoeconomy for the first time. Today we’re introducing new and seamless ways to enable crypto buys with linked debit cards to Apple Pay and Google Pay, and instant cashouts up to $100,000 per transaction available 24/7.
Buy crypto with the world’s most trusted digital wallets
Apple Pay is trusted, secure and accepted in-store, online and in Apps across the globe using a credit or debit card with Apple Pay. If you already have a Visa or Mastercard debit card linked in your Apple Wallet, Apple Pay will automatically appear as a payment method when you’re buying crypto with Coinbase on an Apple Pay-supported iOS device or Safari web browser.
And later this fall you’ll be able to buy crypto with Google Pay, a safe, simple, and secure way to pay that’s used by more than 150 million people in 40 countries every month. Google Pay provides an additional level of security as purchases use a combination of virtual account numbers and encryption for your security and peace of mind when you buy crypto on Coinbase.
Cash out up to $100,000, instantly
We’re also making it easier and faster for you to get access to your money. Coinbase is the first crypto exchange to offer instant cashouts via Real Time Payments (RTP), enabling customers in the U.S. with linked bank accounts to instantly and securely cash out up to $100,000 per transaction. Many customers who withdraw funds opt for Automated Clearing House (ACH) transfers, which can take up to 5 days to move through the pipes of the traditional financial network. Instant cash outs via RTP let you get your money in seconds, 24/7, without the high costs of uncapped fees. Plus, there are no limits on the number of times you can cash out per day.
Setup is simple. If you already have a checking account linked to your Coinbase account, there’s likely no additional setup required¹. Learn more about instant cashouts in our Help Center.
More payment methods in more countries
Familiar and trusted ways to make crypto buys and timely access to your money continue to be core to the Coinbase experience. Today, customers in the U.S. can now buy crypto with a connected bank account via ACH or Wire transfer, a debit card, funds in their Coinbase USD wallet, in addition to now using funds from a connected PayPal account or linked Visa or Mastercard debit card to Apple Pay.
We’re also expanding our global footprint. Coinbase now accepts crypto buys via linked Visa and Mastercard debit and credit cards in 20+ countries, with more on the way.
Stay tuned for announcements in the coming months as we expand the ability to purchase crypto and cash out instantly with fast, familiar, and secure payment methods to even more countries.
1. Your financial institution must be a participant in the RTP Network, and your account must be enabled to receive RTP payments. Please check with your bank for more information on RTP support.
More ways to buy crypto and cash out, now on Coinbase was originally published in The Coinbase Blog on Medium, where people are continuing the conversation by highlighting and responding to this story.
