This is how MoneyGram will allow users to store and trade Bitcoin
Mass adoption of bitcoin and crypto is reaching a new level, with international financial service providers such as MoneyGram embracing it. MoneyGram is a global money transfer and financial services provider. It has both digital and retail locations worldwide, enabling consumers to pay bills and send money to friends and family at affordable rates.
In a press release, MoneyGram announced that users in the US can now buy, hold and sell cryptocurrency through the mobile app. The listed cryptocurrencies include Bitcoin, Ether and Litecoin.
The firm intends to add more cryptocurrencies to the app by 2023, as per the provisions of global regulations.
MoneyGram to bridge traditional finance and cryptocurrencies
In a statement, MoneyGram Chairman and CEO Alex Holmes said the company is positioning itself to meet the needs of growing consumer interest in crypto. According to Holmes, MoneyGram intends to bring blockchain and traditional financial services together via its global network and fintech innovations.
By bringing real crypto use cases to life, MoneyGram intends to increase the mainstream adoption of crypto. In its announcement, the firm said the latest innovation was facilitated by its partnership with Coinme.
Coinme is a licensed cryptocurrency exchange and API-powered crypto service provider. Coinme provides an easy way for instant crypto purchases.
In January, MoneyGram made a minority investment in Coinme, giving it a 4% stake in the cryptocurrency exchange firm. The firm announced the news via a press release on its website on January 5, 2022. The MoneyGram/Coinme partnership aims to bridge the gap between cryptocurrency and local fiat currency.
Traditional financial firms enter Bitcoin and digital space
Many firms are using the bear market to expand into the crypto space. On 25 October reports revealed that Western Union, another cross-border money transfer giant, filed three trademarks. The submission covered the management and exchange of digital assets and commodity derivatives, the issuance of value tokens and brokerage and insurance services.
Judging by the trademark registrations, Western Union plans to offer crypto services. It is the firm’s latest of several previous attempts to enter the crypto space. However, the previous attempts were not very successful.
Furthermore, Cash App, a mobile payment processing app, began supporting transactions through the Bitcoin Lightning Network. The new addition will enable Cash App users to send and receive Bitcoin on the fast and efficient Bitcoin Layer-2 protocol.
Lightening is suitable for small transactions, with almost instant processing. Transactions on the Bitcoin Lightning Network are faster compared to the Bitcoin Blockchain. However, Cash App support for Bitcoin transactions is limited to invoice payments via scanning Lightning QR codes.
Cash App implemented Bitcoin trading for the first time in 2018. It became famous for BTC transactions in US and UK. By 2021, Bitcoin accounted for 81% of Cash Apps revenue of $12.3 trillion.
featured Image from Pixabay and Charts by TradingView
