MoneyGram Announces Plans To Allow Users To Buy And Sell Crypto
Peer-to-peer payments company MoneyGram has announced plans to enable users to buy, sell, and hold crypto assets.
The company has stated that users within select regions will be able to trade and store Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC).
Buy, Sell, And Trade Crypto
Global payments firm MoneyGram (MGI) has announced that it is adding a new service to its mobile application. The service will allow customers in nearly all US States and the District of Columbia to buy, sell, and hold cryptocurrencies such as Bitcoin (BTC), Ether (ETH), and Litecoin (LTC). The payments company added it was planning to add more cryptocurrencies to the service in 2023, subject to global regulations.
Chairman and CEO of MoneyGram, Alex Holmes, stated,
“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 a strong culture of fintech innovation.”
Partnership With CoinMe
According to sources, the launch of this latest initiative is part of the company’s vision to increase crypto adoption and bring “real-world cryptocurrency and blockchain use cases to life.” MoneyGram added the new service in partnership with the crypto exchange CoinMe. MoneyGram had made a strategic investment in the exchange earlier this year. The investment in CoinMe came after MoneyGram partnered with CoinMe to enable customers to purchase and sell BTC for fiat currency at around 12,000 retail locations in the United States.
Not The First Foray Into Crypto
This is not the first time MoneyGram has dabbled in the crypto space. At the beginning of October 2021, the peer-to-peer payments company announced a partnership with the Stellar Development Foundation and Circle to enable crypto payouts through local currencies. In November 2021, the company announced the launch of a live Cash-in and Cash-out pilot in the United States. Users participating in the pilot project were able to deposit funds into their respective digital wallets through any MoneyGram location.
Companies Looking To Expand In Crypto
Despite the crypto space being in the throes of a bear market with no end in sight just yet, companies are betting on the ecosystem. Many major companies are creating the framework for a sustained expansion into the crypto space. Recently, reports emerged stating that Western Union had filed three trademarks that covered three aspects. These were managing digital wallets, exchanging digital assets and commodities derivatives, issuing tokens/assets of value, and brokerage and insurance services.
Mobile payment processing application Cash App also added support for crypto transactions through the Bitcoin Lightning Network. The integration will allow Cash App users to send and receive BTC much quicker, thanks to the layer-2 protocol.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.