FinTech: MoneyGram Launches Crypto Transactions Via Its App

November 2, 2022 | Digital Assets, FinTech, News
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Consumers in the U.S. can now trade and store Bitcoin (BTC), Ethereum (ETH) and Litecoin (LTC) by using the MoneyGram mobile app

MoneyGram International (NASDAQ: MGI) has launched crypto trading via its app, allowing customers the facility to buy, sell, and hold the bitcoin, ethereum, and litecoin cryptocurrencies. This feature is made possible through MoneyGram’s existing partnership with Coinme, a licensed crypto exchange and API-driven crypto-as-a-service provider. MoneyGram and Coinme have partnered since 2021 to expand access to crypto by creating thousands of new locations in the U.S. for consumers to buy and sell bitcoin with cash. (CISION PR Newswire)

Secure platform

“Cryptocurrencies are additive to everything we’re doing at MoneyGram. 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. “As a next step in the evolution of MoneyGram, we’re thrilled to provide our customers with access to a trusted and easy-to-use platform to securely buy, sell and hold select cryptocurrencies.”

Though the app currently supports only the three cryptos named above, the company intends to expand this range by adding new coins, potentially by 2023, and as and when regulations allow the same.

“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,” added Holmes.

MoneyGram has taken a number of steps for the adoption of digital assets. These include on/off-ramp services for digital wallets through partnerships with Coinme, Stellar and G-Coin, and cross-border settlement through Circle’s USD Coin (USDC).

Related Story: MoneyGram Offers Money Transfers In Real-Time In Europe

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