Users of American transfer company, MoneyGram, can now withdraw their cryptocurrency in cash, following an announcement by CNBC on Wednesday.
MoneyGram Introduces Crypto-Cash Withdrawals
Cryptocurrency holders living in the United States can now withdraw their crypto holdings in cash after a wiring transfer company, MoneyGram, released a list of point-of-sale locations in the country.
The company said on Wednesday that it had collaborated with a bitcoin exchange and operatorCoinme. Users of Coinme in the US would be able to exchange their bitcoin holdings at communicated brick and mortar locations in the country.
MoneyGram and Western Union remain the two biggest American wiring services, and the former’s decision to consider cryptocurrency withdrawals cannot be understated.
Alex Holmes, CEO of MoneyGram, believes the new collaboration does not only open doors to crypto adoption in America, but also offers opportunities for MoneyGram to be introduced into even newer audiences.
“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,” Holmes explained.
International locations have been suggested by Holmes to follow soon.
MoneyGram Follow Giant Institutions in Mass Adoption
MoneyGram becomes the latest major company and mainstream institution to offer cryptocurrency services in recent weeks. The first quarter of this year has seen the industry take important strides, making accelerating growth even more impressive than bulls made during the latter part of 2020’s global lockdown.
PayPal, who made crypto trade available to its customers in October 2020, announced last week that its decision to include cryptocurrency was responsible for a 1200% YOY gain, according to its Q1 report. With adoption on the rise more than ever, and a boom in the crypto market, it is becoming more common these days to see giant mainstream institutions succumb to the crypto allure one way or the other.
Banks, especially in the US, are making deliberate steps to accommodate the inevitable crypto industry. Goldman Sachs kicked off an exclusive crypto trading team just last week whilst offering BTC derivatives to its customers. A decision that interestingly came after NYDIG revealed American citizens with US Bank accounts would soon be able to purchase BTC directly from their banks.
A lot of positive developments in recent times.
And we are yet to mention Tesla and Square’s decision to accept Bitcoin payments as other major companies follow suit. It’s the signs of massive crypto adoption, and MoneyGram’s recent decision is only just part of its realization.
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