MoneyGram, the American company specializing in international exchanges, now allows its users to buy, sell and hold cryptocurrencies via its mobile application. This crypto-friendly positioning is the result of several years of collaboration with Web3 players.
MoneyGram definitely opens up to cryptocurrencies
After partnering with cryptocurrency exchange Coinme in January 2022, MoneyGram is stepping up a gear.
Specializing in international fund transfers, the American company has developed a functionality on its mobile application to buy cryptocurrencies. For now, the option is only available to residents of the United States.
In 2021, the company already made it possible to buy and sell bitcoins (BTC) for cash via Coinme, a cryptocurrency exchange. Subsequently, the purchase of 4% of the shares of the exchange by MoneyGram revealed a democratization of its services around cryptocurrencies.
Today, MoneyGram’s mobile app allows you to exchange and store several cryptocurrencies, including Bitcoin (BTC), Ether (ETH) and Litecoin (LTC).
Moreover, Alex Holmer, the CEO of MoneyGram, stresses the importance of cryptocurrencies as part of the services offered by his company :
“Cryptocurrencies are in addition to everything we do at MoneyGram. From dollars to euros to yen, MoneyGram allows instant access to over 120 currencies worldwide, and we consider cryptocurrencies and digital currencies as another entry and exit option. »
Remember that MoneyGram is a key player in its sector, with 150 million customers over the past five years and nearly 350,000 branches in the world.
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A further step for MoneyGram in Web3
Before getting there, MoneyGram has multiplied partnerships with major players in the Web3 ecosystem.
In 2019, through an investment of $30 million, Ripple has partnered with MoneyGram to increase the efficiency of its services and reduce transfer fees through the RippleNet network.
Nevertheless, when the Securities Exchange Commission (SEC) began to sue Ripple, the two companies severed their business ties.
In the meantime, MoneyGram has linked up with Stellar, Circle, or even G-Coin with a view to increasing its presence in the world of cryptocurrencies.
As a result, MoneyGram is asserting itself in the industry to become intermediary between traditional finance and technological innovations. Still according to Alex Holmer:
“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 through our global network, compliance solutions , and our strong culture of fintech innovation. »
For 2023, the company wants to expand the number of cryptocurrencies available on its application In the meantime, the development of its mobile offer remains a great way to popularize cryptocurrencies to the general public.
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Source: PR Newswire
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Always enthusiastic about new technologies, I gradually moved closer to Web3-related activities during the year 2021. Over time, I wanted to add my stone to the building. It was then that I became an editor, with the aim of explaining cryptocurrency-related topics to as many people as possible.
Timothy Bourbotte
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