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.
Geneva, Switzerland, August 30, 2021 — Liti Capital’s wLITI token, a wrapped version of the Swiss company’s LITI equity token, lists today on Changelly PRO, 30 August 3 PM UTC. $wLITI pairs with BTC and USDT are now available for trading.
This comes less than a week after listing on Bitcoin.com Exchange and less than two weeks on HitBTC. The Changelly PRO team has expressed their warm welcome to the litigation financing token.
“We are happy to welcome $wLITI to our big family of carefully curated cryptocurrencies and hope that our users will gain maximum benefits from this collaboration. We are proud to partner with a company that provides financial resources, strategic solutions and renowned connections to the best law firms worldwide to help plaintiffs obtain court awards for damages or losses they have suffered,” says the Changelly PRO spokesperson.
Liti Capital, a Swiss-based blockchain private equity fund specializing in raising capital for legal cases, is making waves in traditional investing by bringing litigation financing to the masses, an investment practice traditionally monopolized by hedge fund heavyweights and elite investors.
Litigation financing is the practice of bringing in investors to cover the cost of a lawsuit or arbitration in exchange for a portion of the profit. Litigation financing specialists, such as Liti Capital, purchase litigation assets for cases they deem to have a high chance of winning.
“We appreciate the amazing support that established exchanges such as Changelly PRO have shown for our $wLITI token. With high profile projects in the blockchain and decentralized finance spaces finally attracting mainstream interest, we are excited to explore the possibilities for $wLITI as a wrapped version of an equity token that offers regular people the chance to invest in an asset class that previously wasn’t available to them,” says Liti Capital CEO Jonas Rey.
wLITI is an ERC-20 wrapped version of the LITI equity token. Launched on June 29, 2021, the wLITI token is suitable for trading on centralized exchanges (CEXes) like Changelly PRO, and also on DEXes, whereas the LITI token is only available through liticapital.com after meeting KYC requirements.
Liti Capital uses the blockchain to manage its share registry. Development of its own blockchain-based case management tools is on its roadmap.
wLITI can be exchanged for LITI at a token buyer’s request via Liti Capital’s app or website, which converts LITI to wLITI at a 1:5000 ratio and vice versa. The tokens will always maintain this ratio. The buyer is then able to trade their wLITI freely. Liti Capital does not directly sell wLITI.
LITI is a true digital share of Liti Capital that has voting rights, pays dividends and is protected under Swiss law. LITI is purposely not designed to be on exchanges at this time.
Both tokens represent Liti Capital, whose mantra is “Private Equity for All.” Liti Capital works exclusively in a single form of private equity — Litigation Finance, also called third party funding. This asset class has remained almost entirely exclusive to hedge funds and venture capitalists since its inception several decades ago. Litigation Finance is the practice of financing all or part of a legal case on behalf of a plaintiff for an agreed upon percentage of the court award.
Once Liti Capital purchases a portion of ownership of a case, it provides capital that can be used in many ways: legal fees, case management and strategy, expert witnesses, intelligence work and whatever else is needed to give the plaintiff the best chance of winning the case and collecting the award. The portion owned by Liti Capital becomes a “litigation asset” that backs the LITI token.
On 19 August 2021, Liti Capital announced that it was funding a claim against Binance, which would enable affected individuals to pursue compensation in relation to the exchange failing on 19 May 2021. This failure resulted in the trading accounts (including Futures, Margin, and Leveraged Token products) of at least 700 and potentially thousands of individuals being effectively untradeable for hours, causing traders to suffer losses that could exceed one hundred million dollars.
Listing Details
Trading Opening: Aug. 30, 2021 3 PM UTC
Trading Pairs: wLITI/BTC | wLITI/USDT
About Liti Capital
Switzerland-based Liti Capital is a Swiss limited liability company specializing in litigation finance and fintech. Liti Capital buys litigation assets to fund lawsuits and provides a complete strategic solution along with connections to top law firms to help clients win their cases. Tokenized shares of the company lower the barrier of entry for retail investors and give token holders a vote in the company’s decision-making process. Dividends are distributed to LITI token holders upon the success of the plaintiff. Jonas Rey, co-founder of Liti Capital, also heads Athena Intelligence, one of the most successful intelligence agencies in Switzerland. His two co-founders, Andy Christen and Jaime Delgado, bring operational, innovation and technical skills to round out the leadership team.
Liti Capital recently onboarded seasoned industry leader David Kay as chief information officer and executive chairman. Boasting more than a decade of experience as funding partner and portfolio manager of a billion-dollar private equity fund in the litigation financing space, Kay successfully enforced what was at the time the largest international arbitration award in history, bringing in over $1 billion in cash and securities.
For project information, please read the Whitepaper.
For token distribution, please read Tokenomics.
Liti Capital Official Channels
Liti Capital Website: https://liticapital.com
Liti Capital Telegram: https://t.me/Liti_Capital_Official
Liti Capital Telegram Announcements: https://t.me/Liti_Capital_Official_ANN
Liti Capital LinkedIn: https://www.linkedin.com/company/liti-capital
Liti Capital Medium: https://medium.com/@liticapital
Liti Capital Reddit: https://www.reddit.com/r/liticapital
About Changelly
Changelly provides an ecosystem of products and services that enables customers to have a one-stop-shop experience when engaging with crypto.
Operating since 2015, Changelly acts as an intermediary between crypto exchanges and users, offering access to 200+ cryptocurrencies that can be effortlessly swapped within 10 minutes on desktop and on the go via the Changelly mobile app.
In 2020, Changelly branched out to accommodate the needs of traders. Changelly PRO has been built as a platform focused on the customer’s needs, effectively enabling retail buying and selling of digital tokens and coins. Piggy-backing on the great support system found within Changelly, Changelly PRO will provide the community with high limits, effective pricing, fast execution and 24/7 live support.
Meet “The Bitcoin Family” that lives a decentralized nomad life solely on Bitcoin. 43-year-old Didi Taihuttu has a wife and three kids. They are known as the family that liquidated all their assets in 2017 to buy Bitcoin back when it was trading at around $900. Taihuttu is a true example of a Bitcoin enthusiast. According to him on his website, after losing his mother, and later his father, he “started reflecting life more and more and discovered that the life I was living was not the life I wanted to live. I experienced that Life could go very fast and that I needed to change.”
Related Reading | By The Numbers: What $10 In Bitcoin Each Day Would Net Investors
The Dutchman sold his 11-year-old business along with everything he owned – from his house down to his children’s toys. Then he bought a van hit the road with his family to live a minimalistic nomad life, waiting for a crypto boom to happen. This was in 2017.
Taihuttu’s Long-Running Involvement In Bitcoin
Before he became popular, Didi had learned about Bitcoin as far back as 2013. He, along with two of his friends, started mining for Bitcoin. In Taihuttu’s words: “I am an entrepreneur, so when I first heard about bitcoin, I said: Let’s do this.” Unfortunately, that venture was unsuccessful, so he shut it down. According to him, he lost his faith in BTC during the crash in 2014.
BTC price now trending around $46,000 | Source: BTCUSD on TradingView.com
But that was not the end of his relationship with Bitcoin, as he kept crossing paths with the cryptocurrency. When he saw that more people started to buy Bitcoins, he deduced that what would follow would be a monetary revolution. And he was not wrong. This revelation was what prompted him to go all in. It is estimated that at that time, after selling all his assets, he managed to acquire about 100 Bitcoins valued at roughly $350k.
The family’s Secret Crypto Vaults
The family has made a fortune from their investments and has decided to store this fortune in secret vaults. These vaults are located in different countries on four different continents. Taihuttu has two hiding spots in Europe, another two in Asia, one in South America, and a sixth in Australia, according to this CNBC article.
Related Reading | How Samsung Will Help The Bank Of Korea With CBDC Development
“I have hidden the hardware wallets across several countries so that I never have to fly very far if I need to access my cold wallet to jump out of the market,” said Taihuttu of the Bitcoin Family. The family told CNBC that the crypto stashes are hidden in different ways and a variety of locations, ranging from rental apartments and friends’ homes to self-storage sites. Taihuttu explained: “I prefer to live in a decentralized world where I have the responsibility to protect my capital.”
Didi Taihuttu And His Family’s Nomad Life
In 2017, the Dutch family embarked on a new life, documenting their travels on YouTube and other social media platforms. “My wife agreed that we were very happy as a traveling family and that we needed to teach the kids that they can be very happy without all the luxury we used to have,” explained Taihuttu.
Featured image from yolofamilytravel.com, chart from TradingView.com
