MoneyGram is expanding its money management tools to cryptocurrency with a new in-app service.
The company announced Tuesday (Nov. 1) that it’s launching a new service to give United States consumers the opportunity to buy, sell and hold cryptocurrency via the MoneyGram mobile app.
Users will now have access to trade and store cryptos such as bitcoin, ether and litecoin, growing the types of currencies MoneyGram customers have the ability to use, according to the announcement.
“Cryptocurrencies are additive to everything we’re doing at MoneyGram … we see crypto and digital currencies as another input and output option,” said Chairman and CEO Alex Holmes in the release.
MoneyGram also revealed in the announcement that it expects to expand its future selection of crypto coins as the company explores expansion to other markets in 2023.
According to the PYMNTS report, “Paying With Cryptocurrency: Can Crypto at Checkout Become a Profit Center for Merchants?” 48% of consumers want to invest in crypto to make money.
With MoneyGram expanding beyond money transfers into crypto trading, the company is tapping into a new demographic of consumers, furthering its reach into modern payment methods.
The news comes about a month after MoneyGram announced a cross-border partnership with United Arab Emirates-based Jingle Pay to grow its money transfer services in the Europe, Middle East and Africa (EMEA) region. At the time, the company also revealed that it completed a minority investment in Jingle Pay, giving MoneyGram an approximate 12% equity stake in Jingle Pay.
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