MoneyGram, the American company specializing in international exchanges, allows its users to buy, sell and hold cryptocurrencies through its mobile application. This encryption-friendly site is the result of several years of cooperation with Web3 players.
MoneyGram definitely opens up to cryptocurrencies
After partnering with cryptocurrency exchange Coinme in January 2022, MoneyGram is on the rise.
Specializing in international fund transfers, the American company has developed functionality on its mobile application to buy cryptocurrencies. For now, the option is only available to residents of the United States.
In 2021, the company already bought and sold bitcoins (BTC) for cash through Coinme, a cryptocurrency exchange. Subsequently, the purchase of 4% of the exchange’s shares by MoneyGram marked the democratization of its services around cryptocurrencies.
Today, the MoneyGram mobile app allows you to exchange and store several cryptocurrencies, including Bitcoin (BTC), Ether (ETH) and Litecoin (LTC).
In addition, Alex Holmer, CEO of MoneyGram, emphasized the importance of cryptocurrencies as part of the services offered by his company :
“Cryptocurrencies are on top of everything we do at MoneyGram. From dollars to euros to yen, MoneyGram allows instant access to more than 120 currencies worldwide, and we consider cryptocurrencies and digital currencies as another entry and exit option. »
Remember that MoneyGram plays a central role in its sector, with 150 million customers for the past five years and almost 350,000 branches in the world.
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Another step for MoneyGram in Web3
Before going there, MoneyGram has multiple partnerships with major players in the Web3 ecosystem.
In 2019, through an investment of $30 million, Ripple has partnered with MoneyGram to increase the efficiency of its services and reduce transfer fees through the RippleNet network.
However, when the Securities Exchange Commission (SEC) began suing Ripple, the two companies severed their business ties.
Meanwhile, MoneyGram is linked to Stellar, Circle, or even G-Coin in order to increase its presence in the world of cryptocurrencies.
As a result, MoneyGram is asserting that the industry is to be an intermediary between traditional finance and technological innovations. Still according to Alex Holmer:
“As consumer interest in digital currencies continues to grow, we are uniquely positioned to meet this demand and bridge the gap between blockchain and traditional financial services through our global network, fulfillment solutions, and our strong culture of fintech innovation. »
For 2023, the company wants to increase the number of cryptocurrencies available on its application Meanwhile, the development of its mobile offering is still a a great way to say cryptocurrencies among the general public.
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Source: PR Newswire
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Always enthusiastic about new technologies, I gradually moved closer to activities related to Web3 during the year 2021. Over time, I wanted to add my stone to the building. It was then that I became an editor, with the aim of explaining cryptocurrency related topics to as many people as possible.
Timothy Bourbotte
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