MoneyGram Adds Support for Buying, Selling, and Holding Crypto
MoneyGram app

MoneyGram Adds Support for Buying, Selling, and Holding Crypto

Before the days of digital peer-to-peer money transfer, consumers relied on such services as MoneyGram to send money to loved ones. As technology as shifted, however, MoneyGram itself has had to evolve beyond its core product. Now, the company is once again expanding its reach by getting into the world of crypto.

Recently, MoneyGram joined the ranks of P2P apps such as PayPal, Venmo, and Cash App by adding the ability to buy, sell, and hold cryptocurrency. This capability comes via a partnership with Coinme. Currently, the app supports trading Bitcoin, Ethereum, and Litecoin. However, the company states that it plans to add more coins in 2023 and will also explore expanding the platform into other markets. The feature is available to users in all states (as well as the District of Columbia) except Hawaii, Idaho, and New York.

Announcing the new feature, MoneyGram Chairman and CEO Alex Holmes stated, “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. 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.”

Holmes added, “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. We are excited for this next chapter in our journey.”

Moneygram’s support for cryptocurrencies comes during what’s been referred to as a “crypto winter,” which has impacted a number of FinTechs. Nevertheless, the company isn’t the only service to recently add crypto trading. For example, the neobank Current rolled out its cryptocurrency platform last month in partnership with Zero Hash. At this time, Current’s lineup of supported assets is much larger than MoneyGram’s, with 27 options including Bitcoin, Ethereum, Dogecoin, Shiba Inu, Polygon, and Solana currently offered.

Despite the much-publicized “crypto winter,” it’s clear that there’s still great interest in cryptocurrencies. Moreover, as more platforms add the ability for consumers to trade these assets, new sets of people are likely finding the process to be much simpler than they may have imagined — especially given how far the industry has come in just a few short years. As for MoneyGram, the expansion seems like a logical one as the company looks to add modern technology to its legacy product.

Leave a Reply

The "Email" field is empty, you must enter some text to proceed.The text you entered in the "Email" field appears to be invalid, please edit it and try again
Get the Latest News Delivered to Your Inbox

A Guide to Building Credit and Increasing Your Credit Scores

When it comes to credit, there’s some good news. The average credit score in the United States has been steadily rising in recent years, coming in at 715 in 2023. That may be because, today, consumers not only have more ways to access their credit reports and scores than ever before but also because there are an increasing number of options that Americans have for building credit in the first...

2024 SoFi Checking and Savings Review

Ever since I started taking an interest in the FinTech sector, one company whose name I’ve seen pop up over and over again is SoFi. Lately it seems as though that theme has been sent into overdrive as the company has not only become a household name thanks to its stadium naming rights deal but also because of the company’s continued product expansions. The most interesting development in my mind...
Brim logo

Brim Financial Raises $85 Million as It Eyes Global Expansion

Toronto-based FinTech infrastructure startup Brim Financial has announced a new funding round. About the round: Brim has revealed an $85 million round. The Series C was led by EDC Investments while new investor Vistara Growth and returning investors White Owl Group, Epic Ventures, and Zions Bank also participated. To date, the company has now raised $110 million including a Series B in 2021. According to Brim, the latest funding will...
Chase Freedom Flex card

Chase Reveals Q2 2024 Freedom 5%(+) Bonus Categories

Chase has announced its bonus category picks for the second quarter of 2024 — including some interesting twists. About the categories: As April approaches, Chase has revealed what categories Freedom and Freedom Flex cardholders can earn bonuses on. From April 1st through June 30th, customers can earn 5% (or more) in three categories: Amazon.com, Hotels, and Restaurants. Similar to how Chase embraced a "New Year, New Me" theme last quarter,...
Rent Day

Bilt Announces Home Collection Deal for May 2024 Rent Day

For May's Rent Day, Bilt is offering a deal that will allow members to decrease their rent bill while also adding to their home decor. About the Home Collection offer: Bilt has crafted a unique Rent Day offer for May 2024. Through the 1st, when Bilt members redeem their points toward rent payments, they'll receive the same number of points to be used toward Bilt Home Collection items. To take...