MoneyGram is the new addition to the list of payment service companies that decided to adopt cryptocurrency.
According to a Wednesday press release, the payment service revealed that it has partnered with Coinme Inc., a crypto exchange and a Bitcoing BTC ATM operator, in order to grant US clients a way to withdraw their crypto holdings in cash at POS terminals in the country.
MoneyGram also mentioned that their customers can also purchase BTC and crypto which is an a new functionality that is not like the current model adopted by circa 20,000 crypto ATMs around the globe.
Alex Holmes, the CEO of MoneyGram stated that the teaming up with Coinme opens their business to a wider audience segment as the company is the first to provide a crypto-to-cash model that connects fiat currency with Bitcoin.
The MoneyGram’s press release also mentions that there is a potential for a joined money transmission regime for cryptocurrencies.
In September last year, 48 US states made a deal to create a single regulatory framework that regulates money transmitters. This agreement significantly impacted the 78 businesses in the Fintech industry that have a $1 trillion turnover annually.
MoneyGram’s move to allow a physical purchase of Bitcoin in US, is a pretty clear signal of another payment service company that moves closer to cryptocurrencies. Companies such as Visa, Mastercard and PayPal also turned to crypto features in their services and this move is slowly turning to a standard in the industry.
Source: Cointelegraph