The MoneyGram mobile app now allows users in almost all U.S. states and the District of Columbia to purchase, trade, and store cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC) through peer-to-peer (P2P) payments giant MoneyGram.
As soon as international legislation permit it, the digital payments startup said it will add new digital currencies to its app in 2023.
MoneyGram’s Chairman and CEO, Alex Holmes, said:
“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.”
The company’s goal is to encourage acceptance by “bringing to life real-world cryptocurrency and blockchain use cases,” which is why they have launched this most recent cryptocurrency-related effort. Moneygram stated that its relationship with Coinme, an authorized crypto exchange and provider of API-driven crypto-as-a-service, allowed it to introduce cryptocurrency support to its app.
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Despite the fact that the economy is in a bear market with no end in sight, some businesses seem to be laying the groundwork for growth in the cryptocurrency sector. According to a report from Cointelegraph published on October 25, Western Union registered three trademarks for maintaining digital wallets, exchanging digital assets and derivatives of commodities, issuing tokens of value, and providing brokerage and insurance services.
The mobile payment processing app Cash App introduced support for transactions made using the Bitcoin Lightning Network in October as well. Users of the Cash App will be able to send and receive Bitcoin (BTC) using the new feature using the quicker, more effective layer-2 protocol.