MoneyGram will allow US users to trade Bitcoin, Ethereum and Litecoin

MoneyGram announced on Tuesday that will launch a new peer-to-peer service for its US users in your application with which will be able buy, sell and hold Bitcoin, ethereum Y litecoin Nevertheless, users in New York, Idaho and Hawaii are excluded according to David Thomas and Nicole Buckler at Beincrypto.

The digital currency exchange and software provider Coinme will provide the back-end support for the new MoneyGram service. The company will expand its cryptocurrency offerings in the app in 2023 based on global regulations. The expansion may include the remaining four cryptocurrencies offered by Coinme, namely MATIC, LINK, DOGE and XLM.

“As the next step in the evolution of MoneyGram, we are delighted to provide our customers with access to a reliable and easy-to-use platform to safely buy, sell and hold selected cryptocurrencies,” says the MoneyGram CEO Alex Holmes.

MoneyGram also uses Coinme’s software in its thousands of ATMs that allow crypto purchases with bank cards.

The company previously partnered with Stellar Foundation. The deal allows users with wallets on the Stellar blockchain convert your holdings to USDCwhich can be cashed out using the MoneyGram network.

Could Cryptocurrencies Benefit from Core Business?

By adding crypto services to your app, MoneyGram may onboard new customers. These would be customers who already use it for remittances abroad but have little exposure to cryptocurrencies. In the first quarter of 2022the money transfer company reported that the digital revenue hit an all-time high of $83 million. Later, in the second quarterdigital revenue increased to $92 millionindicating that the company is generating record revenue through its digital channels, including its app.

The world Bank predicted that the remittances to low- and middle-income regions would total $630 billion by the end of 2022. Consequently, in the first quarter of 2022, MoneyGram reported that cross-border transactions grew by approximately 20% compared to the previous year. The company also said in its first quarter financial report that its cross-border customer base increased by 19%. The company’s second quarter report indicated that the same customer base increased by 11% compared to the previous year. He declined to break out exact numbers.

In an interview with CNN earlier this year, Holmes said that converting cryptocurrencies to fiat money and vice versa is expensive. Perhaps this new alliance with Coinme is the answer.

Sign up for free to the weekly newsletter of Cryptoactives, NFTs and Metaverse


Leave a Reply

Your email address will not be published. Required fields are marked *