2nd November 2022 > > MoneyGram.

tl;dr

MoneyGram is the latest financial services firm to adopt cryptos.

Market Snap

Market Wrap

This makes me laugh. Bloomberg has been one of the most vocal proponents of market turmoil originating from the UK in recent weeks, with no factual evidence to back up such lurid claims.

The headline today?

“Traders Rush to Buy Scarce UK Debt from BoE While They Still Can”.

Ho hum.

Meanwhile, the US yield curve out to 10-years remains inverted, and that is viewed as normal?

Curious Cryptos’ Commentary – MoneyGram and yet more crypto adoption

If you unfamiliar with MoneyGram, Wikipedia describes it thus:

“MoneyGram International, Inc. is an American cross-border P2P payments and money transfer company based in the United States.”

I think those of us based in the UK are more likely to know about Western Union, though their services and products – until now – have been very similar.

MoneyGram is the next large financial services provider to recognise the power of the crypto revolution heading our way.

https://www.prnewswire.com/news-releases/moneygram-introduces-new-crypto-service-enabling-customers-to-buy-sell-and-hold-cryptocurrency-via-the-moneygram-app-301664682.html

The press release announced that users in nearly all U.S. states (presumably excluding New York state despite its mayor’s insistence that NY will become a crypto hub) can now buy, hold, and sell BTC, ETH, and LTC (Litecoin, a derivative of BTC with faster and cheaper transaction times). The company has made clear that the range of cryptos will grow, as will presumably the geographical extent of its coverage.

Alex Holmes, Chairman and CEO of MoneyGram, stated:

“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 strong culture of fintech innovation.”

He continues:

"As a next step in the evolution of MoneyGram, we're thrilled to provide our customers with access to a trusted and easy-to-use platform to securely buy, sell and hold select cryptocurrencies."

This vision addresses three core issues for retail investors in cryptos – ease of purchase, pricing transparency, and, most critically of all, custody.

More cheeringly still, Alex makes plain that my oft-repeated comment that companies investing in developing crypto products are simply responding to consumer demand is as true as it ever has been.