MoneyGram, the money transfer giant, has recently announced the launch of a new service to enable its customers to buy, sell, and hold cryptocurrency via its mobile app.
According to the report, the new feature added to the mobile app will give nearly all consumers in the United States and the District of Columbia the ability to trade and store cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC).
This new development is seen as means to bring real-world crypto and blockchain use cases to life. MoneyGram’s foray into the crypto ecosystem has brought about partnerships with Coinme, Stellar, and G-Coin. The company is also facilitating cross-border payments through USD Coin (USDC).
This recently added feature shows that MoneyGram is pushing hard to become a notable pioneer of cross-border payment innovation and blockchain-enabled settlement.
Reacting to the new development, MoneyGram Chairman and CEO, Alex Holmes, said:
“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.
“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.
“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.”
It should be noted that the ability to trade and store crypto using MoneyGram is made possible via its partnership with Coinme, a licensed crypto exchange, and API-driven crypto-as-a-service provider.
MoneyGram and Coinme sealed a partnership in 2021 to expand people’s access to crypto by creating thousands of new locations in the United States.
The firm is expected to increase the number of cryptocurrencies on its list in the future as it explores expansion to other markets in the coming year in line with crypto global regulations.