MoneyGram, a market capitalization peer-to-peer payments service provider, has introduced cryptocurrency trading features to its mobile application. As other fintech companies expand their products in the sector, MoneyGram, a publicly traded peer-to-pay payments operator, has added cryptocurrency trading features to its mobile app.
In accordance with the statement, users can now purchase, trade, and hold ether, litecoin and bitcoin using this app which is now available in the majority of U.S. states. A cooperation with infrastructure provider and exchange Coinme is the reason behind its trade of Bitcoin, Ether, and Litecoin.
MoneyGram sees massive potential in the crypto industry
MoneyGram operates in more than 200 countries and territories with a global network of about 347,000 agent offices and according to a report by The Block. Interestingly, it owns a small portion in Coinme, a provider of cryptocurrency infrastructure and a cryptocurrency cash exchange that offers trading tools. According to the CEO Alex Holmes:
“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.”
The company hasn’t always had the expected outcomes from its prior attempts to use cryptocurrency. Its previous endeavors with crypto have not always yielded the results it desired. The company also reported its financial drop in the past. As a result of its legal battle with the Securities and Exchange Commission, it dissolved its partnership with Ripple in March of last year.
The new service is also inadequate to the cryptocurrency trading tools provided by other fintech companies, such as Robinhood, Revolut, and N26, which have all recently attempted to develop their own crypto trading tools, with only three coins listed.
Notably, in October last year, MoneyGram also collaborated with USD and Steller to settle payments and pay out in local currencies using USDC as well as for the betterment of cross border payouts.