MoneyGram App Now Allows Buying and Selling of $BTC, $ETH, and $LTC
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Cross-border P2P payments service provider MoneyGram International, Inc. (NASDAQ: MGI) has launched “a new service enabling consumers to buy, sell and hold cryptocurrency via the MoneyGram mobile app.”
On 10 June 2022, MoneyGram and the Stellar Development Foundation (SDF) announced “the initial roll-out of a first-of-its-kind global on/off-ramp service for digital wallets to increase the utility of digital assets by creating a bridge between cash and cryptocurrencies.”
That service, which resulted from the strategic partnership between the two organizations that was announced in October 2021, is available “in a number of key remittance markets, including Canada, Kenya, Philippines and the U.S. for the first wave of users,” with the press release noting that “global cash-out functionality” would become available by the end of June 2022.
In a press release issued by MoneyGram on 1 November 2022, the money transfer company stated that the newly launched crypto service “gives MoneyGram customers in nearly all U.S. states and the District of Columbia the ability to trade and store Bitcoin (BTC), Ethereum (ETH) and Litecoin (LTC) by using the Company’s leading mobile app.”
The press release went on to say that “this is the latest crypto-related service launch from a company bringing real-world cryptocurrency and blockchain use cases to life,” such as “on/off-ramp services for digital wallets through partnerships with Coinme, Stellar and G-Coin” or “cross-border settlement through Circle’s USD Coin (USDC).”
MoneyGram expects to “expand its future selection of crypto coins as the Company explores expansion to other markets in 2023, as global regulations allow.”
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