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Former Ripple Partner MoneyGram Turns to Bitcoin


u.today 12 May 2021 10:28, UTC
Reading time: ~1 m

MoneyGram's foray into crypto didn't end with XRP. 

The Dallas-headquartered money transfer company has announced a tie-up with crypto exchange Coinme to bring Bitcoin purchases and sales to thousands of brick-and-mortar stores across the U.S.  

The partnership will make it much easier for the holders of the largest cryptocurrency to cash out their gains.  

 Alex Holmes, the CEO of MoneyGram, says the collaboration is set to open his company to a new customer segment in his statement: 

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 

Back in June 2019, MoneyGram announced a major deal with distributed ledger provider Ripple, which was viewed as its big move into crypto and blockchain.  

However, the partnership came to an end after the San Francisco-based company got sued by the U.S. Securities and Exchange Commission over allegedly illegal XRP sales.          

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