In partnership with Coinme, MoneyGram today announced its intention to accept the buying and selling of Bitcoin in over 12,000 US locations. The announcement also included the intention to expand support for Bitcoin internationally through the second half of 2021.
MoneyGram & Coinme partnership
MoneyGram is a long-standing global payments provider citing nearly 150 million consumers over the past five years. Coinme is a licensed crypto exchange that also operates over 20,000 physical ATMs. The aim of the collaboration is to “bring Bitcoin to thousands of new sales outlets in the US”. in the near future.
The partnership’s press release also mentioned the company’s intention to create “global cash on and off ramps” to “ensure access to Bitcoin”. Alex Holmes, CEO of MoneyGram, added that “The innovative partnership opens our business to a whole new customer segment as we are the first to pioneer a crypto-to-cash model by building a bridge with Coinme to Bitcoin to connect with the local fiat currency ”.
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MoneyGram and Coinme emphasized that a service rollout that was “specially developed for customers who might want to use Bitcoin for the first time” is the top priority. Over the next few weeks, companies will begin making transactions available in the 12,000 MoneyGram locations. The full rollout is expected to scale to more than 20,000 US locations and “be fully operational in the coming weeks”.
The partnership follows a number of large financial services companies that are integrating crypto transactions into their day-to-day operations. CashApp added support for Bitcoin transactions. Venmo announced last month that it would support cryptocurrency purchases and sales, and Mastercard intends to support customers with cryptocurrency transactions this year. Other fintech and tech forward companies like Square and Tesla have also added Bitcoin to their balance sheets in recent months.
Coinme has also partnered with Coinstar, which enables crypto transactions at Coinstar kiosks in more than 6,000 locations across the US.
Accessibility to BTC has been a focal point for many companies. | Source: BTC-USD on TradingView.com
MoneyGram & Crypto
This isn’t the first time MoneyGram has been working to integrate its business with the broader cryptocurrency landscape. The company had previously partnered with the US-based crypto Ripple (XRP). The partnership ended amicably in March, although the companies reaffirmed their commitment to “reconsider our relationship for the future”. The partnership ended shortly after reports of a lawsuit filed by the SEC against Ripple for involvement in an unregistered securities offering via XRP transactions back in 2013. The deal included Ripple paying transaction fees for MoneyGram using the XRP token in international settlement transactions .
MoneyGram is a Dallas, TX based company that is publicly traded on the NASDAQ ($ MGI).
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