MoneyGram Debuts Crypto Trading And Custody Via Native App

MoneyGram, a financial services platform that provides P2P payment services, has debuted a new service enabling users to buy, sell, and hold cryptocurrencies.

In an announcement Tuesday, MoneyGram stated that users can now utilize the native mobile application of the NASDAQ-listed company to buy, sell, and hold cryptos.

Customers in nearly all U.S. states and the District of Columbia will now be able to trade and hold Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC), three of the oldest cryptocurrencies in the application.

"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," said Alex Holmes, MoneyGram Chairman and CEO. "As a next step in the evolution of MoneyGram, we're thrilled to provide our customers with access to a trusted and easy-to-use platform to securely buy, sell, and hold select cryptocurrencies."

This is not the Dallas-based company's first foray into the blockchain industry. As reported earlier, the company partnered with Stellar Blockchain, a decentralized protocol on open-source code, to create a platform through which users can transfer stablecoins.

The new crypto trading and custody functionality is achieved through its existing partnership with Coinme, a Seattle-based crypto exchange and API-driven crypto-as-a-service provider. The partnership aims at expanding "access to crypto by creating thousands of new locations in the U.S. for consumers to buy and sell bitcoin with cash."

MoneyGram added that it will allow trading of more crypto coins as it plans to expand into other markets in 2023.

"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," said Holmes.