- MoneyGram’s mobile app now allows its users to buy, sell and hoard cryptocurrencies.
- As part of the new offering, Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC) will be available for trading and storing in all U.S. states and the District of Columbia.
- Through its partnership with Coinme, MoneyGram will enable crypto purchases, sales, and holdings.
- According to the CEO of MoneyGram, “cryptocurrencies are additive” to everything the firm does.
In a bid to allow its customers to buy, sell and hoard cryptocurrencies, a leading provider of digital P2P payments, MoneyGram, has launched a new feature on its mobile app.
MoneyGram announces the launch of a new service enabling consumers to buy, sell and hold cryptocurrency via The MoneyGram App. This feature gives customers in nearly all U.S. states the ability to trade and store BTC, ETH and LTC.
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— MoneyGram (@MoneyGram) November 1, 2022
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According to its announcement, the new offering will allow its customers across the U.S. to explore the app for trading and to store Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC). The firm, however, assures customers of its plan to incorporate more tokens in the coming year.
"From dollars to euros to yen and so on, MoneyGram enables instant access to over 120 currencies around the globe, and we see crypto and digital currencies as another input and output option," said Alex Holmes, MoneyGram Chairman, and CEO.MoneyGram’s existing partnership with Coinme, a licensed crypto exchange, and API-driven crypto-as-a-service provider, will enable crypto purchases, sales, and holdings using its app. With the help of Coinme, MoneyGram expanded access to crypto in the U.S. through thousands of new cash-only locations in 2021.
MoneyGram Aims to Widen the Adoption of Cryptocurrencies
According to MoneyGram, its decision to support these crypto assets manifested as part of its mission to widen the adoption of cryptocurrencies.
Alex Holmes hinted that every plan by the firm complements the emerging dynamism of cryptocurrencies.
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"As consumer interest in digital currencies continues to accelerate, we are uniquely positioned to meet that demand and bridge the gap between blockchain and traditional financial services thanks to our global network, leading compliance solutions, and strong culture of fintech innovation,” Holmes said.
Last May, MoneyGram partnered with the Stellar Foundation to develop a Stablecoin Remittance Platform. The firm has also expanded to serve 150 million people in the last five years.
On the Flipside
- As a major partner of Ripple Labs, MoneyGram received tens of millions of dollars for using the XRP token for cross-border transactions as part of its plan to expand crypto payment services globally. However, the partnership ended in March 2021 after the Securities and Exchange Commission sued Ripple Labs.
Why You Should Care
In the coming days, cryptocurrency could become more accessible thanks to this recent development. MoneyGram has over 400,000 agents worldwide and operates in 200+ countries.
