MoneyGram, a global leader in the evolution of digital P2P payments, has become the latest big name in the payment industry to onboard cryptocurrency.
The company on Tuesday announced the launch of a new service enabling consumers to buy, sell and hold cryptocurrency via the MoneyGram mobile app. The new feature is made possible through the Company’s existing partnership with Coinme, a licensed crypto exchange and API-driven crypto-as-a-service provider.
This new and innovative feature gives MoneyGram customers in nearly all U.S. states and the District of Columbia1 the ability to trade and store Bitcoin (BTC), Ethereum (ETH) and Litecoin (LTC) by using the Company’s leading mobile app, the company said in a statement.
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According to MoneyGram, this is the latest crypto-related service launch from a company bringing real-world cryptocurrency and blockchain use cases to life. From on/off-ramp services for digital wallets through partnerships with Coinme, Stellar and G-Coin, to cross-border settlement through Circle’s USD Coin (USDC), to the new ability to buy and store crypto simply by using its app, MoneyGram is pioneering cross-border payment innovation and blockchain-enabled settlement.
“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.”
MoneyGram said it is on a mission to deliver innovative financial solutions that connect the world’s communities. Tuesday’s announcement evidenced the company’s readiness to execute that strategy and best serve its customer base of tens of millions of people.
In line with global regulations, MoneyGram is expected to expand its future selection of crypto coins as the Company explores expansion to other markets in 2023.
MoneyGram is committed to investing in new growth opportunities and expanding past its core products to enhance consumer financial services around the world, the company said.
Holmes said MoneyGram is leveraging the popularity of digital currencies, using its global network to offer customers quality digital payment services.
“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. We are excited for this next chapter in our journey,” Holmes said.
MoneyGram said the partnership which enables people to buy, sell and hold crypto using the MoneyGram app, is made possible through the Company’s existing partnership with Coinme. The two companies have been together since 2021, partnering to expand access to crypto by creating thousands of new locations in the U.S. for consumers to buy and sell bitcoin with cash.
The move by the payment giant comes at a time when the cryptocurrency industry is facing a serious downturn that has seen more than half of its capitalization wiped off. Experts say MoneyGram’s bet on the market indicates that investors still have confidence in the market.