Yerevan (CoinChapter.com) — MoneyGram has partnered with Coinme to allow Bitcoin buying and selling across its retail networks in the United States.
Coinme is the largest licensed cryptocurrency cash exchange in the United States. Through this partnership, the two companies hope to increase the number of places where people can buy and sell Bitcoin. As a result, MoneyGram locations will allow customers to purchase bitcoin using cash. Similarly, they can also visit the kiosks to exchange their Bitcoin holdings for cash.
According to reports, MoneyGram will enable hustle-free exchanges at 12,000 of its physical locations in the United States. This number is almost half of the total MoneyGram locations in the country. As per available records, the company has over 22,000 locations in the United States alone.
Should the collaboration between the two companies work out as planned, one can safely assume MoneyGram will take the partnership to the next level. In no time, all of MoneyGram kiosks in the US might become a part of this program.
Reports suggest that fewer than 3,000 crypto kiosks and transaction locations allow customers to sell their bitcoin for cash currently. This is in contrast to the 17,000 locations where people can buy bitcoin with cash.
MoneyGram Eyes Global Opportunity
The opportunities are endless for the new partners. As cryptocurrency catches steam, many governments and banks are looking for ways to legalize and regulate the market. Meanwhile, this development could see the idea go global.
Reportedly, MoneyGram boasts of over 350,000 locations worldwide. It is not unrealistic to assume that the company will try to rope in as many of its global franchisees as possible in the project. Meanwhile, rival companies are expected to cash in on the opportunity by forging partnerships with other licensed cryptocurrency cash exchanges.
“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,” said Coinme CEO Neil Bergquist. Coinme has a large cryptocurrency exchange network, including ATMs and Coinstar kiosks.
Meanwhile, according to Coinme CEO Neil Bergquist, MoneyGram and Coinme will charge 4% of customers’ transactions in addition to the $2.75 set in fees. All MoneyGram kiosks located at Walmarts will charge an extra $2.
Previously, MoneyGram had signed a similar partnership deal with Ripple Labs Inc. The relationship ended briefly after the U.S. Securities and Exchange Commission filed a lawsuit against the company.