MoneyGram and Coinme Partner to Expand Access to Bitcoin

Rhea-AI Summary

MoneyGram International (NASDAQ: MGI) has partnered with Coinme to launch a service enabling cash-based purchases and sales of bitcoin at thousands of locations in the U.S. This integration utilizes MoneyGram's mobile and API-driven platform alongside Coinme's cryptocurrency exchange technology, creating a cash-to-crypto model. The service is expected to enhance access to bitcoin for first-time users. The partnership aims to leverage MoneyGram's extensive payment network, marking a significant step in bridging traditional finance and digital currencies.

Positive

• Partnership with Coinme to enable cash funding and payout for bitcoin, expanding customer reach.
• Planned launch of service across thousands of U.S. locations, enhancing accessibility to cryptocurrency.

Negative

• None.

DALLAS and SEATTLE, May 12, 2021 /PRNewswire/ -- MoneyGram International, Inc. (NASDAQ: MGI), a global leader in cross-border P2P payments and money transfers, and Coinme Inc., the largest licensed cryptocurrency cash exchange in the U.S., today announced the launch of a new partnership to enable the cash funding and payout of digital currency purchases and sales. The partnership, which utilizes MoneyGram's modern, mobile and API-driven payments platform and Coinme's proprietary cryptocurrency exchange and custody technology, will bring bitcoin to thousands of new point-of-sale locations in the U.S., with plans to expand to select international markets in the second half of 2021.

"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," said Alex Holmes, MoneyGram Chairman and CEO. "Our unique, global network is an incredibly valuable asset, and we're excited to open our platform to Coinme as we increasingly look to capture new growth by monetizing our network to new use-cases."

Global cash on and off-ramps ensure access to bitcoin
The MoneyGram and Coinme integration will provide a fast and easy way for customers to purchase bitcoin with cash and withdraw bitcoin holdings in cash. It is specially designed for customers who may be interested in utilizing bitcoin for the first time. With less than 20,000 cryptocurrency kiosks in the world today, the MoneyGram and Coinme partnership will further expand access to bitcoin and potentially other digital currencies by creating thousands of new point-of-sale locations to buy and sell cryptocurrency.

"MoneyGram has spent more than 80 years building one of the world's largest P2P payment networks," said Neil Bergquist, Coinme CEO. "By integrating its global infrastructure with our licensed crypto exchange technology, we can enable the purchase and sale of cryptocurrencies across its system using cash. This is a major milestone for the bitcoin and cryptocurrency communities, and for the millions of people who will benefit from a trusted, easy and affordable onramp to digital currency."

The service will be available at select MoneyGram locations starting in the U.S. in the coming weeks. Additional countries and cryptocurrencies will be made available shortly thereafter. To learn more, visit www.coinme.com/moneygram.

About MoneyGram International, Inc.
MoneyGram is leading the evolution of digital P2P payments. With a purpose-driven strategy to mobilize the movement of money, a strong culture of fintech innovation, and leading customer-centric capabilities, MoneyGram has grown to serve nearly 150 million people across the globe over the last five years.

The Company leverages its modern, mobile, and API-driven platform and collaborates with the world's leading brands to serve consumers through MoneyGram Online (MGO), its direct-to-consumer digital business, its global retail network and its emerging embedded finance business for enterprise customers, MoneyGram as a Service.

For more information, please visit ir.moneygram.com and follow @MoneyGram.

About Coinme Inc.
Coinme operates the largest licensed cryptocurrency cash exchange in the U.S. Founded in 2014 with the simple belief that buying digital currencies should be easy and accessible to everyone, today Coinme powers over 20,000 physical locations to buy and sell bitcoin using cash through partnerships with Coinstar and MoneyGram. The company offers an enterprise-grade API that helps "crypto-enable" legacy financial systems, and a vertically integrated suite of consumer products that provide an easy and secure way to buy, sell, store and manage digital currencies. For more information, visit www.coinme.com.

MoneyGram Media Contact
Stephen Reiff
media@moneygram.com

Coinme Media Contact
Delia Mendoza
delia.mendoza@coinme.com

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SOURCE MoneyGram

FAQ

What is the new partnership between MoneyGram and Coinme about?

The partnership enables cash-based purchases and sales of bitcoin, expanding accessibility at thousands of locations in the U.S.

When will the MoneyGram and Coinme service be available?

The service is expected to launch in select MoneyGram locations in the coming weeks.

How does the MoneyGram and Coinme partnership enhance bitcoin access?

It creates numerous point-of-sale locations for purchasing and selling bitcoin using cash, targeting first-time users.

What is the significance of the MoneyGram and Coinme partnership for the cryptocurrency market?

This partnership introduces a cash-to-crypto model that bridges traditional finance with digital currencies, benefiting wider consumer access.