Digital money transfer service MoneyGram (NASDAQ: MGI) announced on Wednesday it has teamed up with cryptocurrency cash exchange Coinme to expand access to bitcoin. According to Moneygram, the partnership will enable the cash funding and payout of digital currency purchases, as well as sales.
“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.”
MoneyGram also claimed that the collaboration with Coinme will provide a “fast and easy way” for customers to purchase bitcoin with cash and withdraw bitcoin holdings in cash. Neil Bergquist, Coinme CEO, spoke about the partnership by stating:
“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.”
MoneyGram went on to add the service will be available at select MoneyGram locations starting in the U.S. in the coming weeks. Additional countries and cryptocurrencies will be made available shortly thereafter.
MoneyGram describes itself as a global provider of innovative money transfer services and is recognized worldwide as a financial connection to friends and family. The company offers person-to-person money transfer and payment services in more than 200 countries and territories through a global network of approximately 350,000 locations, working with retailers, international post offices, and banks.