Moneygram, a leading and globally revered name in the digital P2P payments space, launched an innovatively new feature to consolidate its competitive edge over its peers.
The company, claiming to have served more than 150 million people over the last five years, announced that from November 2022 onwards, it would facilitate the trade and holding of cryptocurrencies through its MoneyGram mobile app.
The Contours of Applicability
Citizens of nearly all US states and the District of Columbia, who are Moneygram customers, would qualify for leveraging this service. For now, the list of crypto assets allowed includes Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC). The service is in collaboration with Coinme, which is a well-known crypto exchange and crypto-as-a-service provider.
According to Alex Holmes, Chairman, and CEO of MoneyGram, this launch is the “next step in the evolution of Moneygram.” Holmes also believes the newly launched service would mean “access to a trusted and easy-to-use platform” for customers to “securely buy, sell, and hold select cryptocurrencies.”
MoneyGram’s Presence in the Crypto World
MoneyGram is known for its advanced mobile, and API-driven platform and cross-channel operations, including the D2C digital channel, global retail network, and enterprise customers served through embedded financial services.
In the crypto world, MoneyGram is also known for its blockchain-enabled settlement services, which it carries out through Circle’s USD Coin. The company also runs on/off-ramp services for digital wallets and has partnered with well-known facilitators like Coinme, Stellar, and G-Coin.
With this new service now added to its portfolio, the brand is expected to deliver more wholesome financial solutions, connecting the global communities.
While explaining the larger vision, Holmes said that the company is “committed to investing in new growth opportunities and expanding past its core products to enhance consumer financial services around the world.”
Bridging the Gap
MoneyGram is now uniquely positioned to bring the worlds of traditional finance and digital assets together.
What is expected to add value to this proposition is MoneyGram’s best-in-class compliance solutions and innovations centered around fintech. The company has already partnered with Coinme to expand access to crypto throughout the US since 2021. And in 2023, MoneyGram expects to leverage this capability in other global markets.