MoneyGram Launches Crypto Service via its Mobile App

A day after the 14th anniversary of the launch of Satoshi Nakaomoto’s whitepaper for Bitcoin, crypto has been adopted by one of the leading remittance companies across the globe. 

On Tuesday, 1st November 2022, MoneyGram announced that it has launched a crypto service that will allow customers in the United States to buy, hold, and sell cryptocurrencies using the ‘MoneyGram’ app – its mobile application. 

Through the app, MoneyGram customers in the United States can buy, hold, and sell litecoin (LTC), ethereum (ETH), and bitcoin (BTC). This is great news for the crypto industry since e-wallet services such as PayPal and Skrill have enabled the same services on their platforms. 

While PayPal allows the buying of BTC, ETH, LTC, and bitcoin cash (BCH), Skrill enables its customers to buy more than 20 cryptocurrencies. 

MoneyGram has forged successful partnerships with other crypto firms such as Circle, the issuer of the USDC stablecoin as well as Stellar, and Coinme. 

Customers in the United States would be able to enjoy this service thanks to MoneyGram’s existing partnership with Coinme. Coinme is a licensed cryptocurrency exchange that has helped MoneyGram expand access to crypto to thousands of locations across the United States. 

Speaking on the new development, chairman and CEO of MoneyGram, Alex Holmes said that “Cryptocurrencies are additive to everything we are 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 action.”

Since it’s a relatively new technology, the three cryptocurrencies will be available throughout the rest of the year. With that said, MoneyGram expects to expand the number of digital assets supported by its new service in 2023. 

As a regulated financial company, it aims to add new digital assets in compliance with the rules of regulators such as the Securities and Exchange Commission (SEC) and others.