Coinbase customers in 24 countries will now be able to use a cash-to-cash remittance service based on bitcoin's blockchain to send money to the Philippines.
By employing Coinbase's API, Philippines-based Coins.ph is allowing the wallet and exchange platform's two million registered users to send pesos to recipients in the Southeast Asian country through a variety of delivery methods.
To use the service, users must place a sell order directly on Coins.ph and pay with their authorised Coinbase wallets in USD. Coins.ph then delivers the cash in pesos to the recipient through a number of payout options.
Coinbase acts as the USD to bitcoin exchange for the remitter, according to Coins.ph.
The remittance-focused company also has an app available through the Coinbase app store through which the service can be used.
“Our customers want a cheap and easy way to send money home, they don’t care so much about the underlying technology. We still use the blockchain to provide cheaper, faster transactions, but we layer this with a more convenient cash-to-cash user experience that hides the complexity of using bitcoin.”
The Philippines has long been seen as one of the most attractive markets for bitcoin remittances, with overseas workers sending an estimated $27.5bn last year – with 25% coming from USA and Europe.
See the Coins.ph video on how the service works: