Major US money transfer company MoneyGram has partnered with bitcoin (BTC) kiosk company Coinme to facilitate buying and selling this most popular cash-based cryptocurrency through a network that spans thousands of new point of sale locations in the US and select foreign markets this year.
Alex Holmes, Chairman and CEO of MoneyGram, said in a statement that the alliance “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 local fiat currency “. Portugal crypto website is popular.
According to the statement, the partnership plans to expand to select markets abroad in the second half of 2021. The companies estimate that there are currently about 20,000 cryptocurrency kiosks in the world, which would make their venture a powerful market player. MoneyGram’s focus on cross-border transactions can further strengthen the partnership’s position in foreign markets.
Coinme CEO Neil Bergquist noted that by integrating MoneyGram’s global infrastructure “with our licensed crypto exchange technology, we can enable the purchase and sale of cryptocurrencies system-wide with cash.”
The achieved integration between MoneyGram and Coinme “will provide customers with a quick and easy way to buy bitcoin with cash and withdraw bitcoin holdings in cash. It is specifically designed for customers who may want to use bitcoin for the first time,” said the explanation. Bergquist told Cryptonews.com that as of today Coinme is launching approximately 12,000 retail locations where customers can buy and sell bitcoin with cash at select MoneyGram locations in the US. Italy Cryptocurrency is popular.
“Our full rollout of MoneyGram in the US will consist of more than 20,000 locations and should be fully operational in the coming weeks. We plan to launch the MoneyGram service internationally shortly thereafter,” said the CEO. “Currently, our Coinstar kiosks with Coinme are available in more than 6,000 locations in 47 states.”
The latest development comes after XRP-affiliate Ripple announced that its partnership with MoneyGram has ended for the time being. Under the expired deal, MoneyGram used the XRP token in international settlement agreements. As a result of Ripple’s legal troubles with the U.S. Securities and Exchange Commission (SEC), the money transfer company is now facing a class action lawsuit based on an allegation that the company made false and / or misleading statements about its partnership with the legal status of Ripple and XRP.