The worldwide peer-to-peer payments company MoneyGram International has announced the introduction of a new service that enables users of its MoneyGram mobile app who are located in the US to purchase, trade, and retain cryptocurrency. Now, users may access Bitcoin, Ethereum, and Litecoin using the MoneyGram app. The business also stated that it would like to provide support for other coins in 2023. Additionally, it has hinted at opening new markets as soon as international laws let it. The company's latest crypto-related project is this announcement, which is a part of its mission to broaden acceptance of cryptocurrencies by "bringing real-world cryptocurrency and blockchain use cases to life."
MoneyGram is leading cross-border payment innovation and blockchain-enabled settlement, according to a press release. "From on/off-ramp services for digital wallets through partnerships with Coinme, Stellar, and G-Coin to cross-border settlement through Circle's USD Coin (USDC), to the new ability to buy and store crypto simply by using its app," the release said.
Previous ventures into the crypto space by the company weren't always successful; for example, a relationship with Ripple Labs came to an end after the company got involved in a legal dispute with the Securities and Exchange Commission (SEC), which is still raging today.
The company has a lot of catching up to do when compared to its more established competitors who provide a far more extensive list of token offers as it aims to establish itself as a player in the crypto industry with this new product.
MoneyGram's move suggests that company is pursuing a long-term strategy of integrating cryptocurrencies with its fiat currency services.
"The use of cryptocurrencies enhances everything that MoneyGram does. MoneyGram offers fast access to over 120 different currencies worldwide, including dollars, euros, yen, and more. We view cryptocurrencies and digital currencies as an additional input and output option "Alex Holmes, CEO and Chairman of MoneyGram, remarked. Holmes continued, "As a next step in MoneyGram's journey, we're happy to give our consumers access to a trusted and user-friendly platform to safely purchase, sell, and keep various cryptocurrencies.
Despite the overall crypto market's bad performance in 2022, interest in cryptocurrencies is still on the rise as the world economy struggles with a number of challenges, including rising interest rates.
With this new product, MoneyGram hopes to take advantage of some of this enthusiasm and momentum and keep up with the changing financial landscape.
"Thanks to our global network, industry-leading compliance solutions, and strong culture of fintech innovation, we are perfectly positioned to satisfy consumer demand and bridge the gap between blockchain and traditional financial services as consumer interest in digital currencies continues to grow. We are eager to begin this new phase of our adventure "Watson remarked.
Payment service providers are increasingly interested in providing cryptocurrency services. The launch of Crypto Source, a new program that will let financial institutions start providing secure crypto trading services to their clients, was announced earlier in October by global payment processor Mastercard.
