MoneyGram, in partnership with cryptocurrency ATM provider Coinme will allow customers to buy and sell bitcoin for cash.
According to the press release, within a month the bitcoin-related service will appear in MoneyGram’s U.S. locations. In the second half of 2021, the partners will launch the service in some international markets.
The Coinme mobile app will help users buy or sell Bitcoin, check the latest exchange rate, and obtain a special code that must be presented to a MoneyGram employee to complete the transaction.
Coinme CEO Neil Bergquist told Decrypt about strong demand for such a service. According to him, many Americans do not have access to the traditional financial system, but they use the companys ATMs.
Bergquist noted the growing popularity of Bitcoin among immigrants sending money to relatives abroad. The Coinme CEO is confident that the partnership with the payments system will make it easier for these people to buy cryptocurrency.
Earlier in March, MoneyGram terminated its cooperation with Ripple. The reason was regulatory uncertainty surrounding cryptocurrencies in the United States.
In December 2020, MoneyGram CEO Alex Holmes said that during its cooperation with Ripple, the number of transactions via the MoneyGram app had grown by 220%.
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