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MoneyGram Launches New Crypto Service Through MoneyGram App


cryptoknowmics.com 02 November 2022 05:23, UTC
Reading time: ~2 m

MoneyGram, a leading provider of worldwide peer-to-peer payments, declared on November 1 that its MoneyGram app now allows users in almost all states and in the District of Columbia to purchase, trade, and store cryptocurrencies, including Bitcoin, Ether, and Litecoin. According to the digital payments business, as soon as international legislation permits, it will add other digital currencies to its application in 2023. https://twitter.com/MoneyGram/status/1587462553482969090

MoneyGram to Enable Cross-Border Transactions

MoneyGram is at the forefront of cross-border payment development and blockchain-enabled settlement, offering on/off-ramp solutions for digital wallets via collaborations with Coinme, Stellar, and G-Coin, as well as cross-border resolution through Circle's USD Coin (USDC). The action builds on the business's earlier ventures into cryptocurrency, which most recently teamed up with Stellar to make it possible to settle transactions and payout in local currencies using USDC. Additionally, it owns a small portion of Coinme, a supplier of cryptocurrency infrastructure and a cryptocurrency cash exchange that offers trading tools. Alex Holmes, CEO of MoneyGram, claimed that cryptocurrency is complementary to everything the company is doing. MoneyGram provides immediate access to over 120 different currencies worldwide, including dollars, euros, yen, and so on.

Termination of Ripple

The corporation has not always been successful in its earlier attempts to use cryptocurrency to achieve its goals. It terminated its relationship with distributed ledger firm Ripple in March of last year because of its continuing legal battle with the Securities and Exchange Commission. Additionally, with only three currencies featured, the new service is inferior to the cryptocurrency trading tools provided by other fintech companies, including Robinhood, Revolut, and N26, all of which have recently attempted to develop their trading platforms. MoneyGram stated that, when permitted by law, it seeks to increase the number of transferable coins available.

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