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Moneygram has launched a new crypto service that allows customers to buy, sell and store cryptocurrencies using its money transfer mobile app. Initially, three cryptocurrencies are supported, including bitcoin and ethereum.
Moneygram International Inc. (Nasdaq: MGI) announced the launch of a new cryptocurrency service on Tuesday. The official Twitter account of Moneygram tweeted:
Moneygram announces the launch of a new service that enables consumers to buy, sell and hold cryptocurrency via the Moneygram app. This feature gives customers in almost every US state the ability to trade and store BTC, ETH and LTC.
The company is expected to expand its range of supported cryptocurrencies in 2023, the announcement added. According to the Moneygram website, the new service is available in all US states (except Hawaii, Idaho and New York) and the District of Columbia.
“Moneygram provides instant access to over 120 currencies around the world, and we see crypto and digital currencies as another input and output option,” said the company’s chairman and CEO, Alex Holmes. He continued:
As consumer interest in digital currencies continues to grow, we are uniquely positioned to meet this demand and bridge the gap between blockchain and traditional financial services.
Moneygram describes itself as “a global leader in the development of digital P2P payments” and “a leader in cutting-edge cross-border payment innovation and blockchain-enabled settlement.” The company says it has served over 150 million people in the past five years.
The ability to buy, sell and hold crypto using the Moneygram money transfer app is made possible through the company’s existing partnership with Coinme, a licensed US crypto exchange platform.
The two companies announced a partnership last May “to enable cash funding and settlement of digital currency purchases and sales.” Coinme’s website says the service is “available at 12,000 Moneygram locations.” In January of this year, Moneygram announced that it “has completed a strategic minority investment in Coinme,” giving the money transfer firm a roughly 4% stake in the cryptocurrency exchange platform.
What do you think of Moneygram’s new crypto service? Let us know in the comments section below.
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