How MoneyGram allows users to trade bitcoin and crypto
According to a press release, payments company MoneyGram released a new Bitcoin and crypto service for its mobile app. The company allows US customers to buy, sell and hold digital assets on its platform.
The service was launched with Coinme, a crypto exchange and crypto service provider. MoneyGram and Coinme partnered in 2021. At that time, the partners launched the first in-store crypto trading service. This product gave users access to Bitcoin and crypto at thousands of points of sale in the United States.
The companies have worked to expand their cooperation and get more users into the crypto area. This effort translated into developing the crypto-to-fiat model of the recent launch of the Bitcoin trading service within the MoneyGram app.
MoneyGram Embraces Bitcoin and Crypto
The payment company has worked with Coinme, Stellar, G-Coin and other partners to improve its crypto capabilities. Their crypto integration with the mobile app is just one of many blockchain-enabled payment features.
The service allows users to trade and hold Bitcoin (BTC), Ethereum (ETH) and Litecoin (LTC). Alex Holmes, MoneyGram Chairman and CEO had the following to say about their latest feature and the company’s vision for Bitcoin and cryptocurrencies:
Cryptocurrencies are additive to everything we do at MoneyGram. From dollars to euros to yen and so on, MoneyGram enables instant access to over 120 currencies around the world, and we see cryptocurrencies and digital currencies as another input and output option. As a next step in the evolution of MoneyGram, we are excited to provide our customers with access to a reliable and easy-to-use platform to securely buy, sell and hold selected cryptocurrencies.
Interest in crypto remains high despite the bear market
The company claims to be trying to bridge the gap between traditional economics and crypto-finance by providing users with “innovative solutions”. MoneyGram sees crypto as a long-term tool to provide users with a better payment experience.
As such, they still have record high interest in digital assets, such as Bitcoin, despite the crypto market losing over 80% of its value in the past year. Holmes added:
As consumer interest in digital currencies continues to accelerate, we are uniquely positioned to meet this 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. We are excited for this next chapter in our journey.
MoneyGram will explore expanding its crypto trading service in 2023, depending on the regulatory landscape in the US. At the time of writing, Bitcoin (BTC) is trading at $20,400 with sideways movement on lower time frames.
