On the 1st of November, MoneyGram, a global digital peer-to-peer payments company, announced that users could buy, sell, and hold cryptocurrency through its MoneyGram mobile app. Users can only buy, sell, or hold only three cryptocurrencies: Bitcoin, Ethereum, and Bitcoin. This new update will be available to users in all US and District of Columbia states.
Although the digital payment company has added only three cryptocurrencies in its launch, it plans to add more digital currencies to its app in 2023.
Alex Holmes, the CEO & chairman of MoneyGram, said that as consumer interest in digital currencies continues to accelerate, they are uniquely positioned to meet that demand and bridge the gap between blockchain and traditional financial services. He also showed that they are able t reach this goal because of their strong culture of fintech innovation, leading compliance solutions, and global network.
The reason behind launching an app for trading cryptocurrency by MoneyGram is to increase adoption by bringing real-world cryptocurrency and blockchain use cases to life. It is considered to be the global payment company’s new vision.
MoneyGram also thanked its partner for its app made possible and for the cryptocurrency addition to its company. The company said its new project became possible through its partnership with Coinme, a licensed crypto exchange and API-driven crypto-as-a-service provider.
Despite the crypto bear market, many other companies are also trying to enter the crypto world. On the 25th of October, Western Union filed three trademarks, which the company covered managing digital wallets, exchanging digital assets, and commodities derivatives. It also filed for issuing tokens of value, insurance services, and brokerage.
Moreover, Cash App, the mobile payment processing app, added support for transactions through the Bitcoin Lightning Network in October. Despite the low crypto trend, all these steps toward the crypto industry show that the interest in cryptocurrency is still intact.