MoneyGram adds cryptocurrency trading service to its app

The MoneyGram money-transfer service has launched for U.S. users the option to trade and store Bitcoin, Ethereum and Litecoin in its mobile app.

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.

Read more: https://t.co/13TzRJlSPc pic.twitter.com/FixCCJc0Jc

— MoneyGram (@MoneyGram) November 1, 2022

The solution was implemented thanks to a collaboration with licensed cryptocurrency exchange Coinme. In 2021, the partners opened the ability to buy and sell bitcoin for fiat at MoneyGram’s agent locations.

MoneyGram also utilised the Stellar blockchain to facilitate local-currency payouts in transfers of Circle’s USD Coin (USDC).

“Cryptocurrencies complement everything we do at MoneyGram. From dollars to euros, and yen and so on, we provide instant access to more than 120 currencies worldwide, and we view digital assets as yet another option for input and output of funds,” said Alex Holmes, Chairman and CEO of the company.

MoneyGram expects to expand the number of cryptocurrencies supported by the app in the future.

In 2019, the service began processing cross-border payments via Ripple’s On-Demand Liquidity system.

In February 2021, the service abandoned use of a XRP-token-based product, citing uncertainty due to the Ripple lawsuit with U.S. authorities.

In March of the same year, the partners ceased cooperation.

Read ForkLog’s Bitcoin news on our Telegram — cryptocurrency news, rates and analysis.