The money transfer company gets in on the action. Last we heard something major from MoneyGram was when it halted use of Ripple after news broke out of a SEC lawsuit against the house of XRP.
This latest development is also major.
MoneyGram will debut cash-for-bitcoin trades at around 12,000 US retail locations through a partnership with Coinme. Customers will be able to buy and sell the digital currency after this linkup that enables the possibility.
The company had recently hinted that the service was in the works, with CEO Alex Holmes said early May in an earnings call:
“The ability for anyone to walk into a MoneyGram location and load that wallet or unload that wallet is a pretty exciting service opportunity.”
The cash transfer company plans to introduce Bitcoin trades in 20,000 stores across 32 states by Q3. Coinme already facilitates cash-for-bitcoin swaps at around 6,000 supermarkets. This rollout will vastly expand access to brick-and-mortar crypto touchpoints for US investors.
As Coin ATM Radar notes, fewer than 3,000 crypto kiosks and tellers allow users to sell their bitcoin in person, while nearly 17,000 locations facilitate buys.
When it comes to fees, MoneyGram and Coinme will take 4% of customers’ transactions, plus $2.75 in fees. Walmart based MoneyGram locations will charge $2 more.
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