Cross-border P2P payments service provider MoneyGram International, Inc. (NASDAQ: MGI) has launched “a new service enabling consumers to buy, sell and hold cryptocurrency via the MoneyGram mobile app.”
On 10 June 2022, MoneyGram and the Stellar Development Foundation (SDF) announced “the initial roll-out of a first-of-its-kind global on/off-ramp service for digital wallets to increase the utility of digital assets by creating a bridge between cash and cryptocurrencies.”
That service, which resulted from the strategic partnership between the two organizations that was announced in October 2021, is available “in a number of key remittance markets, including Canada, Kenya, Philippines and the U.S. for the first wave of users,” with the press release noting that “global cash-out functionality” would become available by the end of June 2022.
In a press release issued by MoneyGram on 1 November 2022, the money transfer company stated that the newly launched crypto service “gives MoneyGram customers in nearly all U.S. states and the District of Columbia the ability to trade and store Bitcoin (BTC), Ethereum (ETH) and Litecoin (LTC) by using the Company’s leading mobile app.”
The press release went on to say that “this is the latest crypto-related service launch from a company bringing real-world cryptocurrency and blockchain use cases to life,” such as “on/off-ramp services for digital wallets through partnerships with Coinme, Stellar and G-Coin” or “cross-border settlement through Circle’s USD Coin (USDC).”
MoneyGram Chairman and CEO Alex Holmes 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. 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...
“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 press release also mentioned that “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.”
MoneyGram expects to “expand its future selection of crypto coins as the Company explores expansion to other markets in 2023, as global regulations allow.”