MoneyGram is reportedly planning to facilitate US-based Bitcoin purchasing in retail outlets – contributing to crypto adoption throughout mainstream payment service across the nation.
Specifically, the international payment service reportedly disclosed an alliance with crypto exchange and Bitcoin (BTC) ATM operator Coinme Inc., in an effort to enable withdrawing for US clients, from their virtual assets to cash, throughout its point-of-sale outlets in the nation.
As included in the development, MoneyGram further disclosed that clients will have the freedom to purchase BTC and crypto, via an expansion of the current crypto-to-cash model, with nearly 20,000 cryptocurrency ATMs throughout the globe taking the pioneering role.
“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.” Head of MoneyGram Alex Holmes reportedly remarked.
For MoneyGram, the purchasing availability for Bitcoin throughout its brick-and-mortar retail outlets could reportedly work as a major upgrade for would-be first-time crypto users, who are hesitant towards dealing with online digital asset exchange entities.
MoneyGram’s announcement could reportedly also be an additional sign of the possibility for a unified money transmission licensing regime, particularly dedicated to crypto.
In September last year, 48 U.S. states reportedly entered an agreement to form a single regulatory framework devoted to money transmitters – an initiative with noteworthy implications for 78 fintech entities, nominally MoneyGram, possessing a yearly turnover of more than $1 trillion.