How MoneyGram Will Let Users Trade Bitcoin And Crypto

According to a press release, payment company MoneyGram released a new Bitcoin and crypto service for its mobile app. The company lets U.S. customers purchase, sell, and hold digital assets on its platform. 

The service was launched with Coinme, a crypto exchange, and crypto service provider. MoneyGram and Coinme partnered in 2021. At that time, the partners launched the first in-store crypto trading service. This product allowed users to access Bitcoin and crypto across thousands of point-of-sale in the United States. 

The companies have been working on expanding their cooperation and n onboarding more users to the crypto space. These efforts translated into developing that crypto-to-fiat model to the recent launch Bitcoin trading service in the MoneyGram app.

The payment company has been working with Coinme, Stellar, G-Coin, and other partners to improve its crypto capabilities. Their crypto integration with its mobile app is just one of many blockchain-enabled payment features. 

The service allows users to trade and hold Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC). Alex Holmes, MoneyGram Chairman, and CEO said the following about their newest feature and the company’s vision on Bitcoin and cryptocurrencies:

Cryptocurrencies are additive to everything we’re doing at MoneyGram. From dollars to euros to yen and so on, MoneyGram enables instant access to over 120 currencies around the globe, and 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 claims to be trying to bridge traditional finances with crypto finances by providing users with “innovative solutions.” MoneyGram views crypto as a long-term tool to provide its users with a better payment experience.

In that sense, they still have record-high interest in digital assets, such as Bitcoin, despite the crypto market losing over 80% of its value in the past year. Holmes added: 

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 thanks to our global network, leading compliance solutions and strong culture of fintech innovation. We are excited for this next chapter in our journey.

MoneyGram will explore expanding its crypto trading service in 2023, depending on the regulatory landscape in the United States. At the time of writing, Bitcoin (BTC) trades at $20,400 with sideways movement on lower timeframes.