MoneyGram has taken another step towards the adoption process of digital currencies by mainstream financial institutions by allowing US citizens to cash out their cryptocurrency assets. The money transfer firm said on Wednesday that it is working with Bitcoin exchange and ATM operator Coinme on this feature . In the coming weeks, new and existing Coinme users will be able to purchase the crypto for cash or attract thousands of MoneyGram in the US.
↘️Important cryptocurrency move from MoneyGram
The companies plan to expand offers internationally in the second half of 2021. “This innovative partnership opens up our business to a completely new customer segment because with Coinme we are the first company to pioneer the crypto-to-cash model by building a bridge to connect Bitcoin to the local fiat currency,” said Alex Holmes, president and CEO of MoneyGram.
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Financial services firms are moving more and more in the crypto space. PayPal now allows US users to trade cryptocurrencies and use them to pay millions of traders. While Mastercard says it will start supporting certain cryptocurrencies on its network this year, Visa now supports crypto payments with USD-backed USD Coin.
↘️Many institutions invest in crypto
Meanwhile, Tesla, Square, and MicroStrategy are among the firms that have adopted an unconventional strategy of using corporate funds to buy Bitcoins. Tesla invested $ 1.5 billion in cryptocurrency earlier this year.
This growing acceptance from major crypto institutions is reflecting in the midst of an insane rise in Bitcoin, ETH and other digital currencies this year. Bitcoin, the world's largest crypto, has increased by over 90% so far this year. Ethereum, the second largest cryptocurrency, rose over 470%.