Bitcoin and Crypto mass adoption is going to a new level, with international financial service providers like MoneyGram embracing it. MoneyGram is a global money transfer and financial service provider. It has both digital and retail locations around the globe, enabling consumers to pay bills and send money to friends and family at affordable rates.
In a press release, MoneyGram announced that its users in the United States can now buy, hold, and sell cryptocurrency through its Mobile app. The cryptocurrencies specified include Bitcoin, Ether, and Litecoin.
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The firm intends to add more cryptocurrencies to the app by 2023, according to the provisions of global regulations.
MoneyGram To Bridge Traditional Finance And Cryptocurrencies
In a statement, the Chairman and CEO of MoneyGram, Alex Holmes, said the company positions itself to meet the need of the rising consumer interest in crypto. According to Holmes, MoneyGram intends to bring blockchain and traditional finance services together via their global network and fintech innovations.
By bringing real-world crypto use cases to life, MoneyGram intends to increase the mainstream adoption of crypto. In its announcement, the firm said the latest innovation was facilitated by its partnership with Coinme.
Coinme is a licensed cryptocurrency exchange and API-driven crypto service, provider. Coinme provides an easy way for instant crypto purchases.
In January, MoneyGram made a minority investment in Coinme, giving it a 4% stake in the cryptocurrency exchange firm. The firm announced the news via a press on its website on January 5, 2022. The MoneyGram/Coinme partnership aims to bridge the gap between cryptocurrency and local fiat currency.
Traditional Financial Firms Step Into Bitcoin And Digital Space
Many firms are utilizing the bear market to expand into the crypto space. On October 25, reports revealed that Western Union, another cross-border remittance giant, filed three trademarks. The filing covered the management and exchange of digital assets and commodities derivatives, Issuing tokens of value, and brokerage and insurance services.
Judging from the trademark filings, Western Union plans to offer crypto services. It is the firm’s latest attempt out of several previous ones to enter the crypto space. However, the previous attempts weren’t very successful.
Furthermore, Cash App, a mobile payment processing app, started supporting transactions through the Bitcoin Lightning Network. The new addition would enable Cash App users to send and receive Bitcoin on the fast and efficient Bitcoin Layer-2 protocol.
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Lightening is suitable for small transactions, with almost instant processing. Transactions on Bitcoin Lightning Network are faster compared to the Bitcoin Blockchain. However, Cash App support for Bitcoin Transactions is limited to invoice payments via scanning Lightning QR codes.
Cash App implemented Bitcoin trading for the first time in 2018. It became known for BTC transactions in the United States and the United Kingdom. In 2021, Bitcoin had an 81% of Cash App’s $12.3 trillion revenue.