MoneyGram Adds Crypto Support on Mobile App
- MoneyGram has shown interest in crypto since 2019 when it signed its first blockchain partnership with Ripple.
- Other payment processors, such as Visa and MasterCard, have adopted cryptocurrencies for payments.
Peer-to-peer payment company, MoneyGram, has added a new service to its mobile app, permitting US residents to buy, sell, and hold bitcoin, ether, and litecoin. MoneyGram plans to add support for more digital currencies in 2023. This would, however, be subject to global regulations.
The new mobile feature is provided by Coinme, a cryptocurrency exchange in which MoneyGram has invested. The money transfer firm has other crypto-related partnerships aside from Coinme. MoneyGram has partnerships with G-Coin, Stellar, and Circle for stablecoin payouts.
Speaking on the announcement, MoneyGram’s CEO, Alex Holmes, said,
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.
The new feature is part of MoneyGram’s attempt to increase adoption by “bringing real-world cryptocurrency and blockchain use cases to life.” The money transfer firm is keen on expanding its cross-border payment service. MoneyGram identifies cryptocurrency as crucial in its vision to expand its offerings.
As Alex Holmes noted,
Cryptocurrencies are additive to everything we’re doing at MoneyGram.
Digital assets such as cryptocurrencies have attracted the interest of global payment platforms, including MasterCard and Visa. Retailers are also keen on cryptocurrencies, as they aim to take advantage of the benefits of digital assets in their settlements with clients.
Cryptocurrencies provide fresh opportunities for businesses looking to expand internationally and attract new clients worldwide. These digital assets also offer a new mode of payment, including in areas with limited banking exposure.