Moneygram launched a brand new cryptocurrency service that allows customers to store, buy and sell cryptocurrencies via its mobile money transfer app. Initial support is available for three cryptocurrency, which includes bitcoin and ethereum.
Moneygram’s New Crypto Service
Moneygram International Inc., Nasdaq: MGI announced Tuesday that a new cryptocurrency services was being launched. Moneygram’s official Twitter account tweets:
Moneygram has announced the launch of an innovative service that allows consumers to purchase, sell, and hold crypto via their Moneygram app. This allows customers to store, trade and exchange BTC, ETH or LTC in all 50 states.
According to the announcement, the company will expand its support for cryptocurrencies by 2023. Moneygram claims that this new service can be used in all 50 states, except Hawaii, Idaho, New York, New York, and the District of Columbia.
“Moneygram enables instant access to over 120 currencies around the globe, and we see crypto and digital currencies as another input and output option,” said the company’s chairman and CEO, Alex Holmes. He continued:
Our unique position allows us to fulfill consumer interest and bridge the financial gap between digital currency and traditional financial services as it continues to grow.
Moneygram describes itself as “a global leader in the evolution of digital P2P payments” and “a leader in pioneering cross-border payment innovation and blockchain-enabled settlement.” The company says it has served over 150 million people in the last five years.
The ability to buy, sell and hold crypto using the Moneygram money transfer app is made possible through the company’s existing partnership with Coinme, a licensed U.S. crypto exchange platform.
The two companies announced a partnership in May last year “to enable the cash funding and payout of digital currency purchases and sales.” Coinme’s website states that the service is “available at 12,000 Moneygram locations.” In January this year, Moneygram announced that it “has completed a strategic minority investment in Coinme,” giving the money transfer firm an approximate 4% ownership stake in the cryptocurrency exchange platform.
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