Dallas, Texas-based money transfer giant MoneyGram has announced a new cryptocurrency service that allows customers to buy and sell Bitcoin (BTC), Litecoin (LTC), and Ethereum (ETH) on the company’s mobile app.
The new feature is powered by the crypto cash exchange company Coinme.
While the list of available cryptocurrencies is rather meager so far, MoneyGram intends to extend it in the near future. It will seek regulatory approval before adding new cryptocurrencies.
In his statement, CEO Alex Holmes says that cryptocurrencies are “additive” to everything that the company is doing.
MoneyGram made a foray into the cryptocurrency industry with its much-talked-about Ripple partnership that was initially announced back in 2019. The two companies officially ended their partnership last May after Ripple got sued by the U.S. Securities and Exchange Commission in December 2020.
After severing ties with Ripple, MoneyGram continued its cryptocurrency journey. Last May, MoneyGram made it possible to buy and sell Bitcoin across its expansive retail network. In January, MoneyGram took a 4% stake in Coinme.
Stellar’s acquisition plans
In June, MoneyGram launched a crypto-to-cash service on the Stellar Network, one of the key Ripple rivals. According to a Bloomberg report published in July, Stellar Development Foundation was also eyeing a potential acquisition of the 81-year-old remittance company.
As reported by U.Today, Western Union, another major money transfer company, intended to buy MoneyGram back in 2020.