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MoneyGram and Coinme, a licensed crypto-to-cash exchange in the US, recently announced the “launch of a new partnership to enable the cash funding and payout of digital currency purchases and sales.”
MoneyGram is one of the world’s top cross-border P2P payments and money transfers facilitators, which currently caters to over 150 million customers across the globe.
Coinme is a US-based cryptocurrency exchange and ATM operator with over 20,000 locations for trading Bitcoin with cash through partnerships with Coinstar and MoneyGram.
In the official announcement, the companies noted that the partnership “will bring bitcoin to thousands of new point-of-sale locations in the U.S., with plans to expand to select international markets in the second half of 2021.” The report added that the new service would establish “global cash on and off-ramps and ensure access to Bitcoin.”
The announcement detailed that:
“The Moneygram and Coinme integration will provide a fast and easy way for customers to purchase bitcoin with cash and withdraw bitcoin holdings in cash.”
MoneyGram Limits the Crypto Service to the US for Now
According to the report, only select MoneyGram outlets in the US can offer the new crypto service when it launches in a few weeks.
However, the partnering companies will make the service available to other parts of the world with more crypto selection shortly after the launch in the US.
According to the information on Coinme’s website, the service is “available at 12,000 Moneygram locations.”
The companies revealed that the crypto service “is specially designed for customers who may be interested in utilizing bitcoin for the first time.”
Speaking on the matter, the CEO of MoneyGram, Alex Holmes, noted that:
“This innovative partnership opens our business to an entirely new customer segment as we are the first to pioneer a crypto-to-cash model by building a bridge with Coinme to connect bitcoin to local fiat currency.”
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