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Market Analysis Report (02 Nov 2022)

Date:

Global digital payments company MoneyGram has added a feature to let users of its mobile app in nearly all U.S. states buy, sell, and hold cryptocurrencies. The service offers Bitcoin, Ether, and Litecoin.

The functionality is being enabled by cryptocurrency exchange Coinme, which saw MoneyGram make a strategic minority investment in it earlier this year. The investment followed MoneyGram’s move with Coinme to let customers buy and sell BTC for cash at 12,000 retail locations in the U.S. Alex Holmes, MoneyGram’s Chairman and CEO, said:

“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.”

MoneyGram said that it plans to add more cryptocurrencies to its app next year, as global regulations allow. The rollout is part of the company’s vision to increase adoption by bringing “real-world cryptocurrency and blockchain use cases to life.”

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