MoneyGram (NASDAQ: MGI), a leading player in the cross-border P2P payment and money transfer market, announced today that it is partnering with Coinme, operator of the largest licensed cryptocurrency cash exchange in the US, to enable customers to buy cryptocurrencies with cash and withdraw cryptocurrency holdings for cash at thousands of retail stores in the US.
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According to the press release, there are fewer than 20,000 cryptocurrency kiosks in the world today and the two companies plan to expand access to cryptocurrencies by creating thousands of new outlets to buy and sell bitcoin and other digital cryptocurrencies.
Timeline for launch
Plans call for launching the service at select MoneyGram locations starting in the US in the coming weeks. The services will be offered for Bitcoin initially with plans for the additional cryptocurrencies to be available shortly thereafter.
The association also has plans to offer similar services in some international markets in the second half of 2021.
The management of the company
“This 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 connect bitcoin to local fiat currency,” said Alex Holmes, President and CEO of MoneyGram. “Our unique global network is an incredibly valuable asset, and we are excited to open our platform to Coinme as we increasingly seek to capture new growth by monetizing our network for new use cases.”
“MoneyGram has spent more than 80 years building one of the largest P2P payment networks in the world,” said Neil Bergquist, CEO of Coinme. “By integrating your global infrastructure with our licensed cryptocurrency exchange technology, we can enable the buying and selling of cryptocurrencies across your system using cash. This is an important milestone for the bitcoin and cryptocurrency communities, and for the millions of people who will benefit from a reliable, easy, and affordable path to digital currency.