MoneyGram, a US-based international money transfer services provider, has announced it will allow its customers to buy Bitcoin using its retail services, enabling them to purchase the digital currency without the use of a digital currency exchange platform. In a statement, the company said that it has entered into an arrangement with fintech startup Ripple to allow its customers to convert their cash into Bitcoin. Key Terms: blog , intro , paragraph , news , blog post , tech blog , blog post Key Phrases: write an intro paragraph , an intro for a blog post
MoneyGram is one of the world’s largest money transfer companies, and now it is expanding its operations by adding retail locations where customers can buy Bitcoin. This move gives customers a convenient place to buy digital currency, which can be difficult to purchase in person, and gives MoneyGram a new revenue stream to help offset losses stemming from the recent drop in cross-border money transfers.
Adoption of cryptocurrencies by major payment service providers continues to grow, and MoneyGram is about to join that list.
In a statement Wednesday, the global payments service announced a partnership with cryptocurrency exchange and bitcoin (BTC) ATM operator Coinme Inc. to allow U.S. customers to withdraw their cryptocurrency funds for cash at its domestic branches.
As part of the announcement, MoneyGram also announced that customers will be able to purchase BTC and cryptocurrencies as part of an expansion of its existing crypto-currency-to-cash transfer model, which was first implemented at nearly 20,000 cryptocurrency ATMs worldwide.
Alex Holmes, CEO of MoneyGram, said of the development.
This innovative partnership gives our company access to a whole new segment of customers, as we were the first company to introduce a cryptocurrency model and bridge with Coinme to connect bitcoin to local fiat currency.
For MoneyGram, the ability to buy bitcoin in its physical stores could be an important development for new cryptocurrency users who have been intimidated by interactions with online cryptocurrency exchanges.
MoneyGram’s announcement is also likely another indication of the potential of a unified system for authorizing money transfers, especially for cryptocurrencies.
In September 2020, 48 U.S. states agreed to create a single regulatory framework for money transmitters – a decision that has significant implications for 78 fintech companies like MoneyGram, which has annual revenues of more than $1 trillion.
MoneyGram, which has opened physical bitcoin purchases in its US branches, is another example of fintech and payment services companies warming up to cryptocurrencies. Whether it’s stable partners like PayPal, Visa or Mastercard, the introduction of some feature in crypto currency has become the norm in the industry.
Last March, PayPal began allowing U.S. customers to pay in bitcoin at millions of online merchants on the platform. In April, PayPal CEO Dan Schulman said the company’s crypto-currency trading volume would reach $200 million within months.
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