MoneyGram partners with Coinme to expand cryptocurrency access

MoneyGram (NASDAQ:MGI), a leading player in the cross-border P2P payments and money transfers market, announced today that it is partnering with Coinme, operator of the largest licensed cryptocurrency cash exchange in the U.S, to enable customers to purchase cryptocurrency with cash and withdraw cryptocurrency holdings in cash at thousands of retail locations in the U.S.

According to the press release, there are less than 20,000 cryptocurrency kiosks in the world today and the two companies plan to expand access to cryptocurrencies by creating thousands of new point-of-sale locations to buy and sell bitcoin and other digital cryptocurrencies.

Timeline for the launch

The plans entail launching the service at select MoneyGram locations starting in the U.S. in the coming weeks. The services will be offered for Bitcoin initially with plans for additional cryptocurrencies to be made available shortly thereafter.

The partnership also has plans to offer similar services in some international markets in the second half of 2021.

Management’s take on the partnership