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MoneyGram to Offer Cryptocurrency Services to US Customers

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Joyashree Dey Follow

INDIA

Nov, 07 2022

Nov, 07 2022

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On November 1, Moneygram International Inc. announced that it has launched a new crypto service to allow U.S. customers to buy, sell, and hold cryptocurrencies using its mobile money transfer app. 


The list of supported cryptocurrencies is currently limited to Bitcoin, Ethereum, and Litecoin. However, the company said it plans to extend its list of supported crypto assets over the coming year, pending global regulation. 


The official account of Moneygram tweeted:Moneygram announces the launch of a new service enabling consumers to buy, sell and hold cryptocurrency via the Moneygram app. This feature gives customers in nearly all U.S. states the ability to trade and store BTC, ETH, and LTC. 


The company is supposed to grow its choice of supported cryptocurrencies in 2023, the announcement further explains. As per the Moneygram website, the new service is accessible in all U.S. states (except New York, Hawaii, and Idaho) 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: "As consumer interest in digital currencies continues to accelerate, we are uniquely positioned to meet that demand and bridge the gap between blockchain and traditional financial services." 


Moneygram portrays itself as a worldwide forerunner in the development of digital P2P payments and an innovator in spearheading cross-border payment innovation and blockchain-enabled settlement. The company says it has served more than 150 million individuals over the last five years. 


The capacity to purchase, sell and store crypto using the Moneygram money transfer app is made conceivable through the organization's current partnership with Coinme, an authorized U.S. crypto exchange platform.


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Joyashree Dey

CBW - External Analyst

INDIA

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