MoneyGram (NASDAQ:MGI) stock is on the move Wednesday after announcing Bitcoin (CCC:BTC-USD) integrations.
According to a press release, MoneyGram is teaming up with Coinme, the largest licensed cryptocurrency cash exchange in the U.S. These two companies will be working to expand the number of places that customers can buy and sell Bitcoin from.
MoneyGram notes that there are currently less than 20,000 crypto exchange kiosks in the U.S. It plans to expand this number with its partnership with Coinme. There’s even potential for it to include other cryptos outside of Bitcoin.
Customers that want to make use of MoneyGram’s Bitcoin exchange service will able to do so at select U.S. locations in the coming weeks. In the following weeks, the company plans to expand the service to other countries as well.
Alex Holmes, chairman and CEO of MoneyGram, said this about the news.
“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. Our unique, global network is an incredibly valuable asset, and we’re excited to open our platform to Coinme as we increasingly look to capture new growth by monetizing our network to new use-cases.”
Despite making the crypto announcement this morning, MGI stock isn’t seeing a boost in trading. Instead, only about 526,000 shares have changed hands as of this writing. For comparison, the stock’s daily average trading volume is roughly 2.9 million shares.
MGI stock did see shares pop this morning on the crypto news. However, they quickly dropped after that and are now down slightly. However, the stock is still up 56.6% since the start of the year.
If you’re still hungry for more crypto news then we’ve got you covered.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.