MoneyGram Introduces New Crypto Service

PRNewswireNovember 2, 20226 min

Consumers in the U.S. can now trade and store¬†Bitcoin¬†(BTC),¬†Ethereum¬†(ETH) and¬†Litecoin¬†(LTC) by using the Company’s leading mobile app

This is the latest crypto-related service launch from a company bringing real-world cryptocurrency and blockchain use cases to life

MoneyGram International, Inc.¬†(NASDAQ:¬†MGI) (“MoneyGram” or the “Company”), a global leader in the evolution of digital P2P payments, today announced the launch of a new service enabling consumers to buy, sell and hold¬†cryptocurrency¬†via the MoneyGram mobile app. This new and innovative feature gives MoneyGram customers in nearly all U.S. states and the¬†District of Columbia1¬†the ability to trade and store¬†Bitcoin¬†(BTC),¬†Ethereum¬†(ETH) and¬†Litecoin¬†(LTC) by using the Company’s leading mobile app.

This is the latest¬†crypto-related service launch from a company bringing real-world¬†cryptocurrency¬†and blockchain use cases to life. From on/off-ramp services for digital wallets through partnerships with¬†Coinme,¬†Stellar¬†and¬†G-Coin, to cross-border settlement through¬†Circle’s USD Coin (USDC), to the new ability to buy and store¬†crypto¬†simply by using its app, MoneyGram is pioneering cross-border payment innovation and blockchain-enabled settlement.

“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,” said¬†Alex Holmes, MoneyGram Chairman and CEO. “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.”

MoneyGram is on a mission to deliver innovative financial solutions that connect the world’s communities. With today’s announcement, the Company is continuing to execute that strategy and best serve its customer base of tens of millions of people. MoneyGram is committed to investing in new growth opportunities and expanding past its core products to enhance consumer financial services around the world.

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.”

The ability to buy, sell and hold¬†crypto¬†using the MoneyGram app is made possible through the Company’s existing partnership with Coinme, a licensed¬†crypto¬†exchange and API-driven¬†crypto-as-a-service provider. Together, since 2021, MoneyGram and Coinme have¬†partnered¬†to expand access to¬†crypto¬†by creating thousands of new locations in the U.S. for consumers to buy and sell¬†bitcoin¬†with cash.

MoneyGram is expected 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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