Ripple partner MoneyGram offers Bitcoin, Ethereum and Litecoin
- According to reports, MoneyGram is also looking to increase available cryptocurrencies in the near future.
- Alex Holmes, CEO of MoneyGram after settling a partnership deal with Ripple Labs revealed that their customers are looking for real-time payment.
Money transfer company, MoneyGram, has expanded its services to enable customers to buy and sell recently added cryptos including Bitcoin, Ethereum and Litecoin on its mobile app. This is in collaboration with the cryptocurrency exchange company Coinme. In accordance reports, the company is also looking to increase available cryptocurrencies in the near future. Alex Holmes, CEO of MoneyGram after settling a partnership deal with Ripple Labs revealed that their customers are looking for real-time payment.
The ability to send money across borders is affected by our ability to actually settle in real time. Our customers are looking for real-time payments. The money must be there before the transaction is initiated if you think about it.
However, the partnership with Ripple ended after the blockchain company was sued by the US Securities and Exchange Commission for issuing unregistered securities. However, the money transfer company continued to explore and capitalize on the demand in the crypto industry by joining Dash 2 Trade and other trading platforms. Last May, it allowed the buying and selling of Bitcoin across its retail network after acquiring a 4 percent stake in Coinme. Both companies joined forces to expand access to crypto by creating multiple locations in the US for consumers to easily buy and sell.
MoneyGram continues its quest to explore the crypto industry
According to Holmes, cryptocurrencies are addictive to everything the company does.
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.
In June, MoneyGram announced a crypto-to-cash service on the Stellar Network. With its global network, it seeks to bridge the gap between blockchain and traditional financial services, according to Holmes. The crypto industry has been said to lack on- and off-rails to convert fiat into tokens. This has been a problem for people in emerging markets who do not have bank accounts or credit cards.
Through the Stellar-MoneyGram partnership, people can convert fiat to crypto and convert it back at any MoneyGram location. This was in line with Stellar’s vision to bring crypto to the doorstep of the unbanked population. This service was initially launched in the US, Canada, Kenya and the Philippines and expanded to seven more countries in June. The idea was to add crypto payments in all the over 200 MoneyGram-supporting countries by the end of June.
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.
