Digital payments company MoneyGram (MGI) is now allowing its customers to buy, sell and hold cryptocurrencies such as Bitcoin (BTC) with a new mobile app.
MoneyGram’s new crypto app is mainly focused on Bitcoin, but the company said it plans to add more digital coins and tokens to the app as regulations permit.
The company’s newest app was created through a partnership with licensed cryptocurrency exchange Coinme.
“We are uniquely positioned to meet that demand and bridge the gap between blockchain and traditional financial services,” said Alex Holmes, Chairman of MoneyGram, in a written statement.
MoneyGram is not alone in pushing into cryptocurrencies. On October 25 of this year, rival Western Union filed three trademarks that cover managing digital wallets, exchanging digital assets, and commodities derivatives.
Also in October, the mobile payment processing Cash App that is owned by Block (SQ) added support for transactions via the Bitcoin Lightning Network. The new feature enables Cash App users to send and receive Bitcoin on the faster Layer-2 protocol.
MoneyGram is the second largest provider of money transfers in the world with operations in more than 200 countries. This year, the company’s stock is up 37% at $10.57 U.S. per share.
