Payments and money transfer service MoneyGram has announced a new partnership with crypto exchange Coinme to expand access to bitcoin.
The partnership uses MoneyGram’s API-driven payments platform and Coinme’s cryptocurrency exchange and custody technology to bring bitcoin to thousands of point-of-sale (POS) locations around the country, allowing people to buy and sell cryptocurrency, according to a Wednesday (May 12) press release.
“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,” said Coinme CEO Neil Bergquist. “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.”
The service will be available at some select MoneyGram locations in the coming weeks. The two companies hope to expand — and potentially make their platform open to other cryptocurrencies — to some international markets later this year.
“The MoneyGram and Coinme integration will provide a fast and easy way for customers to purchase bitcoin with cash and withdraw bitcoin holdings in cash,” the two companies said in the announcement. “It is specially designed for customers who may be interested in utilizing bitcoin for the first time.”
MoneyGram in March launched a new solution that opened its platform to third-party vendors and news businesses, while also opening it to G-Coin, while also aligning with the company’s goal of using existing capabilities to boost revenue.
“We’re excited about the innovative potential of blockchain-driven digital assets as we continue to lead the evolution of digital P2P payments,” CEO Alex Holmes said at the time.
The company said at the time the move was in response to high demand for third-party access to its network.
For more on crypto’s entry into new digital commerce spaces, read our report from last week.