Money-transfer service MoneyGram has launched a new peer-to-peer service on its app to enable consumers to buy, sell and hold Bitcoin, Ethereum and Litecoin.
MoneyGram will launch service for US customers in the District of Columbia and all US states except New York, Idaho and Hawaii.
MoneyGram will partner with Coinme
Digital currency exchange and software provider Coinme will provide backend support for MoneyGram’s new service. The company will expand its offering of cryptocurrencies on the app in 2023 in accordance with global regulations. The expansion could include the remaining four cryptocurrencies offered by Coinme, such as MATIC, LINK, DOGE and XLM.
Alex Holmes, CEO of MoneyGram, said, “As the next step in the evolution of MoneyGram, we aim to provide our customers with access to a reliable and easy-to-use platform to securely buy, sell and hold select cryptocurrencies. Thrilled.”
MoneyGram also uses Coinme’s software at its thousands of ATM locations which allows crypto purchases with bank cards.
The company had previously partnered with the Stellar Foundation. The deal allows users with a wallet on the Stellar blockchain to convert their holdings into USDC, which can be redeemed using MoneyGram’s network.
Can Crypto Benefit From a Core Business?
By adding crypto services to its app, MoneyGram can add new customers. These will be customers who already use it for overseas remittances but have little exposure to crypto. In Q1, 2022, the money-transfer company reported that digital revenues reached an all-time high of $83 million; later, in Q2, digital revenues rose to $92 million, indicating that the company had been able to deliver a record number of sales through its digital channels. generating revenue. Including its app.
The World Bank has predicted that remittances to low- and middle-income sectors will total $630 billion by the end of 2022. Accordingly, in Q1 2022, MoneyGram reported a nearly 20% increase in cross-border transactions compared to the previous year. The company also said in its Q1 financial report that its cross-border customer base grew by 19%. The company’s Q2 report indicated that the same customer base grew by 11% compared to a year ago. It declined to break down the exact number.
in one Interview Earlier this year Holmes said with CNN that converting crypto to fiat and vice versa is expensive. Perhaps this new partnership with Coinme is the answer.
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