As other fintech companies expand their offerings in the space, MoneyGram, a publicly traded peer-to-pay payments company, has added cryptocurrency investment tools to its mobile app. Users can now buy, sell, and hold Bitcoin, Ether, and Litecoin, according to the company, which is available in the majority of U.S. states.
The action follows earlier forays into cryptocurrency by the company, which recently teamed up with Stellar to make it possible to settle payments and payout in local currencies using USDC. Additionally, it owns a small portion of Coinme, a provider of cryptocurrency infrastructure and a cryptocurrency cash exchange that offers trading tools.
“Cryptocurrencies are additive to everything we’re doing at MoneyGram,” CEO Alex Holmes said. “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.”
Previous attempts by the company to use cryptocurrency have not always produced the desired outcomes. As a result of its ongoing legal battle with the Securities and Exchange Commission, it dissolved its partnership with distributed ledger company Ripple in March of last year.
The new offering is also inferior to the cryptocurrency trading tools provided by other fintech companies, such as Robinhood, Revolut, and N26, which have all recently attempted to develop their crypto trading tools, with only three coins listed.
Where permitted by law, MoneyGram said it wants to increase the number of tradable coins it offers.
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