MoneyGram Launches Crypto Trading, Selling and Buying on Mobile App
MoneyGram International, a global peer-to-peer payments company, has announced the launch of a new service that allows US users of its MoneyGram mobile app to buy, sell, and hold cryptocurrencies. Users can now use the MoneyGram app to access Bitcoin, Ethereum, and Litecoin. The company also indicated that it intends to add support for additional tokens in 2023. It has also shown that it is expanding in the markets as the global laws allow. The announcement is the latest crypto-related step taken by the company as part of its vision to expand crypto adoption by bringing “real world cryptocurrency and blockchain use cases to life.”
“From opening/exiting services for digital wallets in partnership with Coinme, Stellar and G-Coin, to Circle’s USD Coin (USDC) border, to the new ability to buy and store crypto through its app, MoneyGram is at the forefront of payments innovation cross-border and blockchain-enabled transactions,” the press release said. said,
MoneyGram announces the launch of a new service that allows consumers to buy, sell and hold cryptocurrencies through The MoneyGram App. This feature gives customers in almost every US state the ability to trade and store BTC, ETH and LTC.
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— MoneyGram (@MoneyGram) October 1, 2022
Previous crypto-related efforts by the company have not gone as planned, including a partnership with Ripple Labs that ended after the company became involved in a legal battle with the Securities and Exchange Commission (SEC) that continues to this day.
As it looks to establish itself as a player in the crypto ecosystem with this new offering, the company has a lot of catching up to do when looking at its more established competitors that offer a much wider array of token offerings.
With the move, MoneyGram appears to be implementing a long-term strategy to include cryptos alongside services offered in fiat currency.
“Cryptocurrencies add to everything we do at MoneyGram. From dollars to euros to yen and more, MoneyGram enables instant access to more than 120 currencies around the world, and we see crypto and digital currencies as another option of input and output,” said Alex Holmes, MoneyGram Chairman and CEO. “As the next step in the development of MoneyGram, we are pleased to provide our customers with access to a reliable and easy-to-use platform to securely buy, sell and hold certain cryptocurrencies,” added Holmes.
Despite the poor performance of the overall crypto market in 2022, interest in cryptos continues to rise as the global economy faces many conditions – including rising interest rates.
MoneyGram is looking to capture some of that interest and momentum with its new offering to help the company stay relevant amid the changing financial landscape.
“As consumer interest in digital money continues to grow, we are uniquely positioned to fulfill that need and bridge the gap between blockchain and traditional financial services thanks to our global network, leading compliance solutions and a strong culture of fintech innovation. We are excited about this next chapter in our journey, ” said Holmes.
Interest in providing crypto services is a trending topic among payment providers. In early October, Mastercard global payment processors unveiled the launch of Crypto Source, a new program that will enable financial institutions to begin offering secure crypto trading services to their customers.