MoneyGram introduces crypto purchases via its mobile app

    02 Nov 2022
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    Global payments company MoneyGram has added a service to its mobile app allowing US customers to buy, sell and hold Bitcoin, Ether, and Litecoin. Via the existing partnership with crypto exchange Coinme, the company expects to expand those cryptocurrency selections over the coming year.

    The new feature is being enabled by cryptocurrency exchange Coinme, in which MoneyGram made a strategic minority investment this year. That move followed MoneyGram’s move with Coinme last year to allow customers to buy and sell Bitcoin for cash at 12,000 retail locations across the US.

    “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,” Alex Holmes, Chairman and CEO of MoneyGram, said in a statement.

    The rollout of this latest crypto-related initiative is a part of the company’s vision to increase adoption by bringing “real-world cryptocurrency and blockchain use cases to life.”

    Despite the ongoing bear market, some companies appear to be laying the foundations to expand into the crypto world. On Oct 25, Western Union filed three trademarks that covered managing digital wallets, exchanging digital assets and commodities derivatives, issuing tokens of value, and brokerage and insurance services.

    Also, the mobile payment app Cash App added support for transactions via the Bitcoin Lightning Network. The new feature is set to allow users to send and receive BTC via the faster, more efficient layer-2 protocol.

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