In partnership with Coinme, MoneyGram has introduced right this moment their intent to just accept shopping for and promoting of Bitcoin at over 12,000 US places. The announcement additionally included the intent to develop help for Bitcoin internationally by the again half of 2021.
MoneyGram & Coinme Partnership
MoneyGram is a long-time international funds operator citing almost 150M shoppers over the previous 5 years. Coinme is a licensed crypto trade that additionally operates over 20,000 bodily ATMs. The purpose of the collaboration is to “bring Bitcoin to thousands of new point-of-sale locations in the U.S.” within the close to time period.
The partnership press launch additionally cited the corporate’s intent to create “global cash on and off-ramps” to “ensure access to Bitcoin”. MoneyGram CEO Alex Holmes added that the “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”.
Related Reading | Real Adoption: How Will Mastercard’s Crypto Acceptance Affect Bitcoin Price?
MoneyGram and Coinme emphasised that having a service rollout that’s “specifically designed for customers who may be interested in utilizing Bitcoin for the first time” was high of thoughts. Over the course of the subsequent few weeks, the corporations will begin making transactions out there all through the 12,000 MoneyGram places. The full rollout is anticipated to scale out over 20,000 US places and be “fully operational in the coming weeks”.
The partnership follows numerous main monetary companies corporations ingraining crypto transactions into their day-to-day operations. CashApp has added Bitcoin transaction help, Venmo introduced final month that they intend to help crypto purchases and gross sales, and Mastercard intends to supply help for patrons cryptocurrency transactions later this 12 months. Other fintech and tech-forward corporations, resembling Square and Tesla, have additionally added Bitcoin to their steadiness sheet in current months.
Coinme additionally has a partnership in place with Coinstar that allows crypto transactions at Coinstar kiosks all through 6,000+ places within the US.
Accessibility to BTC has been a focus for a lot of corporations. | Source: BTC-USD on TradingView.com
MoneyGram & Crypto
This isn’t the primary time MoneyGram has labored to ingrain their enterprise within the broader cryptocurrency panorama. The firm had beforehand formulated a partnership with US-based crypto, Ripple (XRP). The partnership got here to a mutually-agreeable ending in March, although the businesses reiterated a dedication “to revisiting our relationship in the future”. The partnership termination got here shortly after stories of an SEC-filed lawsuit towards Ripple, for participating in an unregistered securities providing by way of XRP transactions as early as 2013. The deal included Ripple paying transaction charges for MoneyGram utilizing the XRP token in worldwide settlement offers.
MoneyGram is a Dallas, TX based mostly agency publicly traded on the NASDAQ ($MGI).
Related Reading | Ripple Presses On Despite Losing MoneyGram Partnership, Will XRP React?
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