The P2P payment app MoneyGram has begun accepting cryptocurrency for payment and trading in the US. The app will let users transfer bitcoin, Litecoin and Ethereum. The company had earlier been involved in a deal with Ripple that was subsequently quashed.
MoneyGram’s announcement on Twitter:
MoneyGram announces the launch of a new service enabling consumers to buy, sell and hold cryptocurrency via The MoneyGram App. This feature gives customers in nearly all U.S. states the ability to trade and store BTC, ETH and LTC.
— MoneyGram (@MoneyGram) November 1, 2022
The integration of major crypto coins in MoneyGram follows subsequent to its partnership with Coinme, a cryto exchange and service provider of crypto using APIs, in which MoneyGram has bought a small stake. The partnership has been working since last year to create more access to bitcoin in the US.
In a press release, the company said: “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.”
MoneyGram has long been working to expand the adoption of cryptocurrencies with services for digital wallets, cross-border payments through Circle’s USDC stable coin and more with partnerships with ventures like Stellar, G-Coin, etc.
The controversial dealing with Ripple beginning in 2019 did not end well for MoneyGram. This was for the Ripple on Demand service for cross-border payments via XRP. Reports indicate that the service processes large sums running into billions using this solution.
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