Interest In Increasing Cryptocurrencies, MoneyGram Opens Crypto Trading In Its Application

MoneyGram trades cryptocurrency. (Photo; Doc. MoneyGram)

JAKARTA The leading US remittance delivery company, MoneyGram, has reportedly launched a new service in the app. The company announced that its users can trade cryptocurrencies through its money transfer applications.

Users can buy and sell a number of cryptocurrencies including Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC). The information was announced by MoneyGram on Tuesday, October 2, via the company's official Twitter post.

Moneygram announced the launch of a new service that allows consumers to buy, sell and store cryptocurrencies through the MoneyGram app. This feature gives customers in almost all US states the ability to trade and store BTC, ETH, and LTC," MoneyGram captioned.

The three cryptocurrencies provided are the company's first steps to start trading digital assets. Even so, MoneyGram is expected to increase the cryptocurrency it trades in 2023. According to the Moneygram website, this new service is available in all US states (except Hawaii, Idaho, and New York) and the District of Columbia.

"Moneygram allows instant access to more than 120 currencies worldwide, and we see crypto and digital currencies as input and other output options," said the company's chairman and CEO, Alex Holmes.

"As consumer interest in digital currencies continues to increase, we are positioned uniquely to meet that demand and bridge the gap between blockchain and traditional financial services," added Holmes.

Launching Bitcoin.com News, the ability to buy, sell and store cryptocurrencies using Moneygram money transfer applications is possible through the company's existing partnership with Coinme, the licensed US crypto exchange platform.

The two companies announced a partnership in May last year "to allow cash funding and payment of digital currency purchases and sales." The Coinme website states that the service is "available at 12,000 locations in Moneygram." In January this year, Moneygram announced that it "has completed a strategic minority investment in Coinme," giving the company a remittance of about 4 percent stake in the cryptocurrency exchange platform.

For information, MoneyGram is a cross-border money transfer company based in Dallas, Texas, United States. According to the company's official website, MoneyGram is a global leader in the evolution of digital P2P payments, providing innovative financial solutions to connect the world community.

With a strategy driven by the goal of mobilizing the movement of money, a culture of strong fintech innovation, and capabilities centered on leading customers, MoneyGram has grown to serve more than 150 million people in the last five years, added information from the official MoneyGram website.