MoneyGram, a publicly traded peer-to-pay payments company, has added crypto investment tools to its mobile app as fellow fintech firms bolster offerings in the sector. Available in the majority of U.S. states today, users are now able to buy, sell and hold bitcoin, ether and litecoin, the company said in a statement.
The move follows previous forays into crypto by the company, which recently partnered with Stellar to enable payment settlements and local currency payouts using USDC. It also holds a minority stake in crypto cash exchange and crypto infrastructure provider Coinme, which provides the crypto 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."
The company's previous endeavors with crypto have not always yielded the results it desired. In March last year, it ended a partnership with distributed ledger company Ripple in light of its ongoing legal fight with the Securities and Exchange Commission. And with only three coins listed, the new offering pales in comparison to crypto trading tools offered by other fintech firms, such as Robinhood, Revolut and N26 — which have all sought to build out crypto trading tools in recent months.
MoneyGram said it's looking to expand its selection of tradable coins where regulation allows.
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