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Payments Giant MoneyGram Enables Bitcoin (BTC), Ethereum (ETH) and Litecoin (LTC) Trading on App

Payments company MoneyGram is rolling out a new service that allows consumers to buy, sell and hold crypto assets using the company’s mobile app.

In a statement, the money transfer giant says the MoneyGram app’s crypto trading feature will support Bitcoin (BTC), Ethereum (ETH) and Litecoin (LTC) and is now available to customers in nearly all US states and the District of Columbia.

Says MoneyGram chairman and CEO Alex Holmes,

“We see crypto and digital currencies as another input and output option. As a next step in the evolution of MoneyGram, we’re thrilled to provide our customers with access to a trusted and easy-to-use platform to securely buy, sell and hold select cryptocurrencies.”

The company is bringing the new service to its customers with the help of the crypto exchange CoinMe. The two companies have been working together since 2021 when MoneyGram teamed up with CoinMe to enable customers to buy Bitcoin using fiat currency and convert the digital coin to cash at its physical locations in the US.

In June, MoneyGram also launched a new service in key remittance markets, including the Philippines, US, Canada and Kenya, to bridge fiat money and cryptocurrencies using payments blockchain Stellar (XLM) and the stablecoin USD Coin (USDC).

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Moneygram allows customers to buy and sell cryptocurrencies through its money transfer app

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.

Moneygram’s New Encryption Service

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.