Today, peer-to-peer payment and money transfer company MoneyGram and Bitcoin kiosk operator Coinme announced a partnership to enable the buying and selling of Bitcoin for cash in thousands of locations across the United States.
“The integration of MoneyGram and Coinme provides customers with a quick and easy way to buy Bitcoin for cash and withdraw Bitcoin holdings for cash,” said a press release shared with Bitcoin Magazine. “It was specifically designed for customers who may be looking to use Bitcoin for the first time.”
MoneyGram operates an API-driven platform that allows users to transfer money across borders, while Coinme has Bitcoin for sale in around 20,000 physical locations, including through a high profile partnership with Coinstar.
The service is expected to be available in select MoneyGram locations in the United States in the coming weeks. International expansion is planned for the second half of the year.
“This innovative partnership opens our business to a whole new customer segment,” said Alex Holmes, CEO of MoneyGram, in the press release. “Our unique global network is an incredibly valuable asset. We are excited to open our platform to Coinme as we increasingly seek new growth by monetizing our network for new use cases.”
Acquiring Bitcoin in exchange for cash can be a tough ramp for those underserved by traditional banks, and potentially done in a relatively KYC-free manner.