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MoneyGram Introduces Crypto Transactions

MoneyGram International (NASDAQ: MGI) has made it possible for users to buy, sell, and hold the cryptocurrencies bitcoin (BTC), Litecoin (LTC), and Ethereum (ETH) via its app. This function is made available by MoneyGram’s ongoing collaboration with Coinme, a certified cryptocurrency exchange supplier of crypto-as-a-service powered by APIs. 

But what are the possibilities of this new payment feature? What could be done? Continue reading as we figure it out in the following sections of this weblog. 

MoneyGram: The Possibilities Of Crypto Transactions Is Now Here

Since 2021, MoneyGram and Coinme have collaborated to increase the number of places where people can buy or sell bitcoin with cash in the United States, opening thousands of new outlets.

A business that creates real-world Bitcoin and Blockchain use cases has recently introduced a new cryptocurrency-related service. MoneyGram is at the forefront of Blockchain-enabled settlement and cross-border payment innovation. 

This includes international transactions via USDC, on-ramp support for digital wallets through partnerships with G-Coin, Coinme, Stellar, and the new capability to purchase or store crypto using the app.

“The use of cryptocurrencies enhances everything that MoneyGram does. MoneyGram offers fast access to 120+ currencies worldwide, including dollars, euros, yen, and more. We view cryptocurrencies and digital currencies as an additional input and output option, “Alex Holmes, CEO, and Chairman of MoneyGram, remarked.

As per the CEO, they’re excited to give our customers access to a dependable and user-friendly platform to safely buy, sell, and hold a few cryptocurrencies as the next step in MoneyGram’s journey.

MoneyGram’s Aim For The Future Of Its Operations With Crypto

MoneyGram aims to deliver cutting-edge financial solutions that unite communities across the globe. With today’s announcement, the company is carrying out that goal and providing its tens of millions of customers with the most effective possible service. 

MoneyGram is dedicated to investing in fresh growth prospects and going beyond its core products to improve consumer financial services globally.

Sherlock added: “Thanks to our global network, industry-leading compliance solutions, and great culture of fintech innovation, we are uniquely positioned to meet consumer demand and bridge the gap with Blockchain and traditional financial products as customer demand in digital currencies continues to grow. We are eager to start this new phase of our adventure.”

It is simple to trade, hold, or buy tokens using the MoneyGram app thanks to the Company’s current partnership with Coinme, a licensed cryptocurrency exchange and supplier of API-driven CaaS (Crypto-as-a-Service). 

Since their collaboration, MoneyGram and Coinme have created hundreds of additional locations around the United States where customers may buy and sell bitcoin using cash. In addition, MoneyGram is expected to boost the number of cryptocurrency currencies it sells as it contemplates expanding to new areas in 2023, provided that international authorities allow it.

Introduction Of A Stable Environment

“Cryptocurrencies complement everything MoneyGram does. MoneyGram offers rapid access to over 120 currencies worldwide, including Dollars, Euros, Yen, etc.

“We view cryptocurrencies and digital currencies like another output and input option,” said Alex Holmes, chairman and CEO of MoneyGram. We’re excited to give our customers access to a dependable and user-friendly platform to safely buy, sell, and hold a few cryptocurrencies as the next step in MoneyGram’s journey.

Although the app only supports the three cryptocurrencies mentioned above, the company plans to increase this number by adding more coins as soon as regulations let it, possibly by 2023.

About The MoneyGram International, Inc.

MoneyGram has served over 150 million people in the past five years. To serve the consumers through its direct digital channel, worldwide retail network, and embedded financing business for enterprise customers, the company uses its cutting-edge, mobile, API-driven platform and partners with the most prestigious brands in the world. In addition, MoneyGram is a leader in developing innovative cross-border payments and Blockchain-enabled settlements.

The service gives cash users access to the world of cryptocurrencies through any participating MoneyGram outlet and is powered by Circle’s USD Coin (USDC), a completely reserved dollars digital currency, the Stellar Blockchain, and Stellar-enabled digital wallets. This service represents a significant advance in bridging the divide between physical and virtual currencies in a manner that has never been done on a large scale. 

As it evolves, this solution will open the door for Blockchain technology to encourage greater financial inclusion by facilitating the exchange of fiat currency for cryptocurrencies, enabling more people to participate in the digital economy. MoneyGram will provide this as a no-fee service for the first 12 months to encourage adoption.

Alex Holmes, chairman, and CEO of MoneyGram said that the company is looking forward to its partnership with the Stellar Development Foundation. The critical endeavor would deliver more opportunities to global-level consumers by bringing interoperability to the worlds of cryptocurrency and local fiat currency.

“The initial introduction of this service is yet another significant turning point in MoneyGram’s quest to provide cutting-edge financial solutions that unite communities around the globe. The fact that we could launch this product ahead of time is fascinating. We also look forward to collaborating with SDF again as we explore new applications for Blockchain technology to simplify cross-border payments.”

The partnership’s primary goal is to provide a service that transforms the settlement process. One of the fastest-growing dollar digital currencies in the world, USDC, will be used for the first time to settle transactions using MoneyGram in almost real-time. This makes it possible to collect money more quickly, increasing efficiency and lowering risk.

MoneyGram’s Bullish Move Despite The Bearish Market?

Despite the bear market, which has no obvious conclusion, several businesses seem to be laying the groundwork for entering cryptocurrency. For example, according to a report from Cointelegraph published on October 25, Western Union registered three trademarks for maintaining digital wallets, trading digital assets and derivatives of commodities, issuing value tokens, and providing brokerage and insurance services.

Cash App, a mobile app for processing payments, enabled support for transactions made using the Bitcoin Lightning Network in October. Thanks to the new feature, users of the Cash App will be capable of sending and receiving Bitcoin using the faster, more effective layer-2 protocol.

Considering all the latest possibilities, analysts and investors hope these new updates contribute to positive market sentiment.

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