MoneyGram to let cryptocurrency holders cash in their investments

MoneyGram to let cryptocurrency holders cash in their investments

Will let people in the U.S. withdraw their cryptocurrency holdings in cash, marking another step from mainstream financial institutions toward acceptance of nascent digital currencies. The money transfer firm said Wednesday it had teamed up with bitcoin exchange and ATM operator Coinme on the feature. In the coming weeks, new and existing Coinme users will be able to buy crypto with cash or withdraw it from thousands of MoneyGram's brick-and-mortar locations in the U.S. The companies plan to expand the offering internationally 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," Alex Holmes, MoneyGram's chairman and CEO, said in a statement. Financial services firms have been increasingly making moves in the crypto space. now lets U.S. users trade cryptocurrencies and use them to pay at millions of its merchants. said it would start supporting select cryptocurrencies on its network this year, while now supports payment settlement in crypto with the U.S. dollar-backed token USD Coin. Meanwhile, , and are among the firms that have adopted the unusual strategy