After dumping Ripple, MoneyGram turns to Bitcoin, enables retail Bitcoin buying
Former Ripple partner, MoneyGram, is not ending its foray into the cryptocurrency space with XRP. The global money transfer company announced on Wednesday that U.S. customers will soon be able to purchase Bitcoin from retail outlets across the country.
Recall that MoneyGram suspended trading on Ripple in February following the latter’s ongoing battle with the U.S. Securities and Exchange Commission.
In a statement issued on Wednesday, MoneyGram announced a partnership with crypto exchange and Bitcoin ATM operator Coinme. The partnership will allow United States customers to buy and sell their Bitcoin holdings for cash at thousands of brick-and-mortar stores across the country.
MoneyGram CEO Alex Holmes expressed his optimism that the move would allow his company to capture a new customer segment. He remarked:
This innovative partnership opens our business to an entirely new customer segment as we are the first to pioneer a crypto-to-cash model by building a bridge with Coinme to connect bitcoin to local fiat currency.
Traditional financial institutions have been steadily debiting one form of crypto-related feature or the other. The trend is quickly becoming a norm across the industry. Back in February, PayPal expanded its crypto offering to UK residents.
