Users who wish to buy bitcoin with cash, need to open a MoneyPolo account as well as a CoinMate account. They can then fund their MoneyPolo account with cash at one of the company’s partners with brick-and-mortar locations in over 100 countries. Once the MoneyPolo account is funded, the money can be transferred to CoinMate for free, where it can be used to buy bitcoin. Users who want to sell bitcoin for cash simply transfer the fiat to their MoneyPolo account and pick it up at a local partner.
Speaking to CoinTelegraph, CEO of CoinMate parent company Confirmo, Roman Valihrach, said:
“Most Bitcoin markets work with bank deposits and bank withdrawals, however it is estimated that 40% of the world’s adult population has no bank account and an even greater share is limited to local transfers. 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.”
London-based bitcoin exchange CoinMate