- According to reports, MoneyGram also seeks to increase available cryptocurrencies in the near future.
- Alex Holmes, the CEO of MoneyGram after settling a partnership agreement with Ripple Labs disclosed that its customers are looking for real-time payment.
Money transfer company, MoneyGram has expanded its services to enable customers to buy and sell newly added cryptos including Bitcoin, Ethereum, and Litecoin on its mobile app. This is in partnership with crypto cash exchange company Coinme. According to reports, the company also seeks to increase available cryptocurrencies in the near future. Alex Holmes, the CEO of MoneyGram after settling a partnership agreement with Ripple Labs disclosed that its customers are looking for real-time payment.
The ability to send money cross-border is affected by our ability to actually settle in real-time. Our customers are looking for real-time payments. The money has to be there before the transaction is initiated if you think about it.
Its partnership with Ripple was, however, ended after the blockchain company was sued by the US Securities and Exchange Commission for issuing unregistered securities. However, the money transfer company kept exploring and taking advantage of the demand in the crypto industry by joining trading platforms. Last May, it allowed the buying and selling of Bitcoin across its retail network after obtaining a 4 percent stake in Coinme. Both companies partnered to expand access to crypto by creating several locations in the US for consumers to easily buy and sell.
MoneyGram continues its quest to explore the crypto industry
According to Holmes, cryptocurrencies are addictive to everything that the company is doing.
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.
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 crypto industry has been said to lack on- and off-ramps — rails to convert fiat into tokens. This has been an issue for people in emerging markets who do not have bank accounts or credit cards.
Through the Stellar-MoneyGram partnership, people can convert fiat into crypto and convert it back in any MoneyGram location. This was in line with Stellar’s vision of bringing crypto to the doorstep of the unbanked population. This service was initially launched in the U.S., Canada, Kenya, and the Philippines and expanded to seven more countries in June. The idea was to add crypto cash-outs in all the over 200 MoneyGram-supporting countries by the end of June.
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.
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