MoneyGram International (NASDAQ:MGI) launched a new service giving customers the ability to buy, sell and hold cryptocurrency through its MoneyGram mobile application.
The new feature gives customers in nearly all the U.S. states and the District of Columbia storage options for Bitcoin, Ethereum and Litecoin using the company’s app.
“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,” said Alex Holmes, MoneyGram chairman and CEO.
Fintech company, MoneyGram International has grown to 150 million customers in the past five years. It uses modern, mobile and an application programming interface (API) driven platform. It also collaborates with top brands to serve customers through direct-to-consumer channels, global retail networks and an angle for enterprises.
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Buy, sell and hold cryptocurrency
The company has partnerships with CoinMe, Stellar and G-Coin, including both on and off-ramps for digital wallets. Also, these include cross-border settlement options through Circle’s USD Coin (USDC), to in-app buy and store options.
The company’s mission is to bring innovative financial solutions to the world’s communities. MoneyGram is progressing its strategy by committing to investing in new growth opportunities and expanding into consumer financial services.
For example, crypto-exchange Coinme is the catalyst for the company’s ability to buy, sell and hold cryptocurrency using the app. The two companies have been expanding access to crypto by opening new locations in the U.S. since 2021.
“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,” Holmes said.
The company anticipates expanding its cryptocurrency selection and expanding into other markets in 2023 as global regulations ease restrictions.
