MoneyGram, a leader in peer-to-peer and cross-border payments, has revealed in a press release a new partnership with Coinme to gives its users access to Bitcoin and other cryptocurrencies.
Don’t miss out on how smart money is playing the crypto game. Subscribe to our premium newsletter - Crypto Investor.
Coinme, one of the largest licensed crypto exchanges in the U.S., seeks to use this partnership to give MoneyGram users access to digital currencies.
The partnership will use MoneyGram's payments platform, along with Coinme's crypto exchange and custody services, to bring Bitcoin to thousands of new point-of-sale locations in the U.S. The two companies plan to expand to certain international markets in the latter half of 2021.
MoneyGram's chair and CEO, Alex Holmes, said "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."
"Our unique, global network is an incredibly valuable asset, and we're excited to open our platform to Coinme as we increasingly look to capture new growth by monetizing our network to new use-cases," Holmes added.
In the press release, the company notes that the integration between Moneygram and Coinme "will provide a fast and easy way for customers to purchase bitcoin with cash and withdraw bitcoin holdings in cash. It is specially designed for customers who may be interested in utilizing bitcoin for the first time."
The CEO of Coinme, Neil Bergquist, said that MoneyGram's infrastructure and payments networks integration of cryptocurrency will be a major development for the crypto space.
"By integrating its global infrastructure with our licensed crypto exchange technology, we can enable the purchase and sale of cryptocurrencies across its system using cash. This is a major milestone for the bitcoin and cryptocurrency communities, and for the millions of people who will benefit from a trusted, easy and affordable onramp to digital currency."
Users will be able to purchase crypto with cash at select MoneyGram locations in the coming weeks, with more cryptos and countries on the way.