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.
The remittance-focused company also has an app available through the Coinbase app store through which the service can be used.
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:
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.