MoneyGram International outlined earlier on Wednesday that it’ll permit users to shop and sell Bitcoin [BTC, -0.21%] for cash at 12,000 United States retail locations via a partnership with Coinme.
The cash transfer firm plans to introduce bitcoin trades in 20k stores across 32 states by Q3, Coinme CEO Neil Bergquist added. His crypto firm already facilitates cash-for-bitcoin swaps at around 6,000 supermarket kiosks.
MoneyGram along with Coinme will take 4% of users’ transactions plus $2.75 USD in fees. Walmart-based MoneyGram locations will charge $2 USD more, he explained.
The rollout vastly expands United States investors’ access to brick-and-mortar cryptocurrency touchpoints. Consistent with Coin ATM Radar, fewer than 3,000 crypto kiosks and tellers permit users to sell their bitcoin in-person, though nearly 17k locations facilitate buys.
“The ability for anyone to steer into a MoneyGram location and cargo that wallet or unload that wallet may be a pretty exciting service opportunity,” CEO Alex Holmes outlined on the company’s early May earnings call.
Until recently a serious partner of Ripple Labs, MoneyGram received tens of several dollars to use the Ripple [XRP,-0.26%] token for cross-border transactions. Their relationship led to March after the U.S. SEC [Securities and Exchange Commission] filed suit against Ripple Labs last year.