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Money transfer company MoneyGram has expanded its services to allow customers to buy and sell newly added cryptos including Bitcoin, Ethereum and Litecoin on its mobile app. This is in association with the cryptocurrency exchange Coinme. The company is also reportedly looking to increase the available cryptocurrencies in the near future. Alex Holmes, CEO of MoneyGram, after signing a partnership agreement with Ripple Labs, revealed that his clients are looking for real-time payments.
The Ability To Send Money Across The Border Is Affected By Our Ability To Settle In Real Time. Our Clients Look For Payments In Real Time. The Money Has To Be There Before The Transaction Starts If You Think About It.
However, its association with Ripple ended after the US Securities and Exchange Commission sued the blockchain company for issuing unregistered securities. However, the money transfer company continued to explore and take advantage of the demand in the crypto industry. Last May, it allowed the buying and selling of Bitcoin through its retail network after taking a 4 percent stake in Coinme. Both companies have partnered to expand access to cryptocurrencies by creating multiple locations across the US for consumers to easily buy and sell.
MoneyGram continues its quest to explore the cryptocurrency industry
According to Holmes, cryptocurrencies are addictive to everything the company does.
Cryptocurrencies Add To Everything We Do At MoneyGram. From Dollars, Euros, Yen, Etc., MoneyGram Allows Instant Access To More Than 120 Currencies From Around The World, And We See Cryptocurrencies And Digital Currencies As Another Input And Output Option.
In June, MoneyGram announced a crypto-to-cash service on the Stellar Network. With its global network, it seeks to bridge the gap between blockchain and traditional financial services according to Holmes. The cryptocurrency industry has been said to lack on-ramps and off–ramps–rails for converting fiat to tokens. This has been a problem for people in emerging markets who don’t have bank accounts or credit cards.
Through the Stellar-MoneyGram partnership, people can convert fiat money into crypto and convert it back at any MoneyGram location. This was in line with Stellar’s vision of bringing crypto to the doorstep of the unbanked population. This service initially launched in the US, Canada, Kenya, and the Philippines and expanded to seven more countries in June. The idea was to add cryptocurrency withdrawals in the more than 200 countries that support MoneyGram by the end of June.
