MoneyGram still lagging behind the real crypto adoption
MoneyGram now allows crypto trading on its platform but still, its services are restricted from using crypto in payment systems.
MoneyGram International, Inc. is an American-based international P2P payments and money processor company, which is based in the United States with headquarters in Dallas, Texas. It has an operations center in St. Louis Park, Minnesota, and regional and local offices around the world. In the last few years, many crypto & non-crypto companies showed their inclination toward this popular cross-border money processor company but unfortunately, the majority of the deals failed to acquire it.
On 1 November, MoneyGram announced via a press release that leading digital assets like Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC) are now accessible on its platform, where clients can trade & store crypto assets.
In short, MoneyGram started a crypto trade service in its existing traditional payment system. This new service will not require any kind of high-level promotional strategies for its new services because the user base of MoneyGram is already big.
Alex Holmes, chairman & CEO at MoneyGram, said that company already provides access to more than 160 fiat currencies via its platform, to allow payment services globally but here cryptocurrencies have some different & unique abilities So there was a need to bring cryptocurrencies into MoneyGram.
MoneyGram CEO also said that they are looking to act as a bridge between the Crypto sector & traditional financial sector.
“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 a strong culture of fintech innovation. We are excited for this next chapter in our journey,” MoneyGram CEO said.
As we know that MoneyGram’s main service focuses on payment services, not on the trading of currencies, so here it was expected that MoneyGram may bring crypto-supported payment services for the customers but here MoneyGram added support for cryptocurrencies as a trading app. Few experts believe that MoneyGram may think about crypto-supported payment services in the future.
Read also: Binance seeks to collab with Facebook( Meta)