MoneyGram has unveiled a new crypto service that will allow users to buy, sell and hold multiple cryptocurrencies using the MoneyGram mobile application. The service will be available to users based in the US and the District of Columbia.
MoneyGram supports crypto trading on its app
This new feature will allow users to buy, sell and store Bitcoin, Ethereum and Litecoin on the MoneyGram app. MoneyGram is joining the growing list of fintech firms that are extending their services into the web 3.0 & crypto space amid rising demand from users and rapid industry growth.
MoneyGram has made several efforts to grow its operations in the cryptocurrency sector. To achieve this, the company has partnered with several crypto firms such as Coinme, G-Coin, and Stellar. The company is also looking to support cross-border payments by integrating blockchain technology in settlements.
One of the strategic partnerships that MoneyGram has made to achieve cross-border settlements is a partnership with Circle, the issuer of the USDC stablecoin.
While speaking on the new initiative to support crypto purchases and custody services, the Chairman and CEO of MoneyGram, Alex Holmes, said that cryptocurrencies were at the center of what MoneyGram was doing. The company already supported more than 120 currencies globally, and digital currencies would be joining this large list.
“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 buy, sell and hold select cryptocurrencies securely,” Holmes said.
The company has also said that the current initiative was part of its mission to deliver financial solutions to communities worldwide. The company was also committed to growing its investments in innovating areas while expanding past core operations to support customer financial services globally.
Holmes admitted that consumer interest in digital assets has continued to grow. Because of its vast global network, MoneyGram was uniquely positioned to meet the growing demand while serving as a bridge between traditional finance and blockchain. The company also invests in compliance solutions and a strong culture supporting financial innovation.
Mastercard partners with Coinme for the new offering
MoneyGram will support its new crypto services through its partnership with Coinme. Coinme is a licensed cryptocurrency exchange and a crypto-as-a-service provider. Since last year, MoneyGram and Coinme have worked together to grow their access to the cryptocurrency sector by unveiling new locations within the US, allowing customers to trade Bitcoin using cash.
As aforementioned, MoneyGram’s service will initially support three cryptocurrencies, but there are plans to grow this portfolio with new coins. The company is also exploring moving into new markets as the global regulatory framework for crypto changes.
Fintech firms, including PayPal, Revolut, Mastercard, and Visa, have ventured into cryptocurrency. These companies have launched new crypto offerings and partnered with some of the leading companies in the crypto space to support their venture into the cryptocurrency sector.
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