CoinMate Partners with MoneyPolo to Enable Cash Deposit in 150 Countries

July 30, 2015         By: Asif Imtiaz

Earlier this week, the UK based Bitcoin startup CoinMate announced that its customers can now use the service to make cash purchases in over 150 countries worldwide.

CoinMate has been looking for a way to eliminate the need for using traditional banking channels to buy or sell Bitcoins. “Most Bitcoin markets work with bank deposits and bank withdrawals, however, it is estimated that 40% of the world’s adult population have no bank account and an even greater share is limited to local transfers,” said Roman Valihrach, the CEO of CoinMate’s parent company Confirmo Ltd, while speaking to the CoinTelegraph.

As CoinMate was looking for a way to accept direct cash deposits, it later found an international money and a cash transfer provider, MoneyPolo. MoneyPolo is based in London and has a wide ranging financial network of more than 400,000 partner outlets in the world.

On July 23, CoinMate revealed on their official blog that it has partnered with one of most renowned cash transfer service providers in the United Kingdom, MoneyPolo. MoneyPolo is a UK regulated payment provider that allows cash deposit service in around 150 countries. It is the partnership with MoneyPolo enabled CoinMate to accept cash deposit from its users.

Commenting on the partnership with MoneyPolo, Roman Valihrach mentioned that “MoneyPolo account allows cost effective cash deposits and cash withdrawals in more than 100 countries of the world through their partnership networks. That’s why we decided to integrate MoneyPolo into CoinMate.”

CoinMate users can now open a MoneyPolo account, load the funds into their virtual account via any of the 400,000 partner outlets and can make instant deposit to their CoinMate Bitcoin wallet, without incurring any additional charges. CoinMate Users can also make an instant withdrawal via MoneyPolo, which makes using Bitcoin as convenient as cash.

As opposed to using a credit or debit card, which usually incurs a small fee, direct cash deposit with MoneyPolo will be cost effective to CoinMate customers. It would also provide them with a competitive advantage against major competitors.