Bankchain Briefing: MoneyGram deepens crypto push with crypto trading service
- This week, we look at MoneyGram’s crypto expansion, and the potential role of digital currencies in the remittance industry.
- We also hear from Diogo Monica, the co-founder and president of Anchorage Digital, about why more FIs are starting to offer crypto services.
Last week, money transfer firm MoneyGram launched a service that allows US consumers to buy, sell and hold cryptocurrencies from the company’s mobile app. MoneyGram is currently offering Bitcoin, Ether, and Litecoin, with plans to expand into more markets and add support for additional tokens next year, subject to global regulations.
The new functionality is being offered through a partnership with Coinme, a cryptocurrency exchange and crypto-as-a-service provider.
Alex Holmes, chairman and CEO at MoneyGram, says the company’s move towards crypto is part of a broader strategy to further its reach by tapping into a new demographic of young, digital-native consumers sending funds internationally.
“Cryptocurrencies are additive to everything we’re doing at MoneyGram,” said Holmes. “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.”
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