MoneyGram Adds Litecoin to Buy, Sell and Hold With Coinme Partnership

MoneyGram is recognized as one of the most prominent leaders in digital P2P payments. The company has recently been valued at 1.8B and has served over 150 million people in the last 5 years.

With today's announcement, consumers in the U.S. can now trade and store Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC) using the MoneyGram App. Apple / Google

The new feature is being enabled by the crypto exchange Coinme. This comes after MoneyGram made a strategic minority investment in Coinme last year, giving MoneyGram an approximate 4% ownership stake. MoneyGram now has a direct ownership position in one of the first and fastest-growing cryptocurrency companies in the world.

MoneyGram is best known for easy remittance between people in different countries. Currently, the app only offers the ability to buy, sell, and hold litecoin but as with many of these apps, it is the first step before allowing for the ability to send and receive on-chain.

This is why in the future, the fee for each transaction is essential. As of today, Litecoin has the lowest network fee of $.01 while Bitcoin was $1.11 and Ethereum was $3.80 making Litecoin great for payments, medium of exchange, and global remittance.

Bitcoin currently has a market cap of $392B, Ethereum at $192B, and Litecoin at $3.9B. Litecoin has a 100x lower market cap than Bitcoin and a 50x lower market cap than Ethereum.

Bitcoin is adding 433k new addresses per day, Litecoin is adding 118k new addresses per day and Ethereum is adding 69k addresses per day. Litecoin's network growth continues to increase making it one of the fastest-growing networks.

With other apps like PayPal and Venmo, Litecoin was also added first. This is another example where Litecoin is consistently being added as the top supported crypto networks but remains in the top 20 by market cap.

Source:

1. 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

2. https://ir.moneygram.com/node/23046/html

3. https://ir.moneygram.com/news-releases/news-release-details/moneygram-international-reports-first-quarter-2022-results#:~:text=About%20MoneyGram%20International%2C%20Inc.&text=With%20a%20purpose%2Ddriven%20strategy,in%20the%20last%20five%20years.

4. https://glassnode.com/

5. https://ir.moneygram.com/news-releases/news-release-details/moneygram-announces-minority-investment-coinme-largest-licensed