Moneygram Launches New Service Allowing Customers to Buy, Sell, Hold Cryptocurrencies via Mobile App

Moneygram has launched a new crypto service to allow customers to buy, sell, and store cryptocurrencies using its mobile money transfer app. Initially, three cryptocurrencies are supported, including bitcoin and ethereum.

Moneygram’s New Crypto Service

Moneygram International Inc. (Nasdaq: MGI) announced the launch of a new cryptocurrency service Tuesday. The official Twitter account for Moneygram tweeted:

Moneygram announces the launch of a new service enabling consumers to buy, sell and hold cryptocurrency via the Moneygram app. This feature gives customers in nearly all U.S. states the ability to trade and store BTC, ETH and LTC.

The company is expected to expand its selection of supported cryptocurrencies in 2023, the announcement adds. According to the Moneygram website, the new service is available in all U.S. states (except Hawaii, Idaho, and New York) and the District of Columbia.

“Moneygram enables instant access to over 120 currencies around the globe, and we see crypto and digital currencies as another input and output option,” said the company’s chairman and CEO, Alex Holmes. He continued:

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.

Moneygram describes itself as “a global leader in the evolution of digital P2P payments” and “a leader in pioneering cross-border payment innovation and blockchain-enabled settlement.” The company says it has served over 150 million people in the last five years.

The ability to buy, sell and hold crypto using the Moneygram money transfer app is made possible through the company’s existing partnership with Coinme, a licensed U.S. crypto exchange platform.

The two companies announced a partnership in May last year “to enable the cash funding and payout of digital currency purchases and sales.” Coinme’s website states that the service is “available at 12,000 Moneygram locations.” In January this year, Moneygram announced that it “has completed a strategic minority investment in Coinme,” giving the money transfer firm an approximate 4% ownership stake in the cryptocurrency exchange platform.

What do you think about Moneygram’s new crypto service? Let us know in the comments section below.

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