Moneygram has launched a new cryptocurrency 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.
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Moneygram International Inc. (Nasdaq: MGI) announced the launch of a new cryptocurrency service on Tuesday. Moneygram’s official Twitter account tweeted:
Moneygram announces the launch of a new service that allows consumers to buy, sell and hold cryptocurrencies through the Moneygram app. This feature gives customers in almost all US states the ability to exchange and store BTC, ETH and LTC.
The company is expected to expand its selection of supported cryptocurrencies in 2023, the announcement adds. According to Moneygram, the new service is available in all US states (except Hawaii, Idaho and New York) and the District of Columbia.
“Moneygram allows instant access to over 120 currencies around the world, and we see cryptocurrencies and digital currencies as another entry and exit option,” said the company’s President and CEO Alex Holmes. He continued:
As consumer interest in digital currencies continues to accelerate, we are uniquely positioned to meet this demand and bridge the gap between blockchain and traditional financial services.
Moneygram describes itself as “a global leader in the evolution of P2P digital payments” and “a pioneering leader in blockchain-enabled settlement and cross-border payment innovation”. The company says it has served more than 150 million people in the last five years.
The ability to buy, sell and hold cryptocurrencies using the Moneygram money transfer app is made possible by the company’s existing partnership with Coinme, a US-licensed cryptocurrency exchange.
The two companies announced a partnership in May last year “to enable cash financing and payment for purchases and sales in digital currency”. Coinme’s website claims the service is “available at 12,000 Moneygram locations”. In January of this year, Moneygram announced that it had “completed a strategic minority investment in Coinme”, giving the money transfer company an approximately 4% stake in the cryptocurrency exchange.