In what is seen as a growing acceptance of digital currencies by large institutions, MoneyGram, a financial service firm in the United States has teamed up with Coinme, a cryptocurrency exchange feature, to allow crypto holders to buy or withdraw bitcoins from any of their many branches.
The big financial move comes amid a huge rally behind Bitcoin, the largest digital currency, as many financial institutions like Tesla, Square, PayPal, MasterCard, and Visa among the firms that have already announced their cryptocurrency stands.
Terming their partnership as an innovative move that is meant to open their business, Alex Holmes, MoneyGram CEO, said that the crypto-to-cash bridge will connect Bitcoin to fiat currency, creating a new customer segment.
MoneyGram customers will now be able to do their transactions easily using bitcoin at any point within the US. The service set to begin within a few weeks will also ensure the addition of other cryptocurrencies after the Bitcoin partnership trial success.
This is a second monetary partnership that MoneyGram gets into. Just weeks earlier, the company’s partnership with Ripple, another digital currency firm, ended after several legal suits that Ripple faced because of misleading statements on its legal status.
MoneyGram and Coinme now estimate their world crypto kiosks to be around 20,000. Their partnership is expected to grow this market-base by the second half of the year. The companies also aim at cross-border business, which is expected to boost their operations in other foreign markets.