MoneyGram Taps Stablecoins To Shield Colombians From Peso Weakness
According to multiple reports, MoneyGram is rolling out a new mobile app in Colombia that lets users receive, hold and move money using USD-backed stablecoins, specifically USDC. Related Reading: Ethereum Giant The Ether Machine Aims For US Public Debut The service is being positioned as a hybrid: a stored-value USD balance that can be funded, […]
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BBVA, a private bank based in Spain, released an article that states Latam users are very interested in their crypto-powered solutions. The institution informed that close to 20% of the users of their New Gen accounts, which are available from Switzerland, are Colombians who are attracted by the crypto services offered by these accounts.
Colombians Attracted by Crypto Services, According to BBVA
Cryptocurrency solutions and their associated services are being embraced more and more by Latam users due to the characteristics of their economies. According to BBVA, a Spanish bank....
In recent years, major corporations have been looking for ways to incorporate cryptocurrencies into their operations. So naturally, these companies want the benefits of blockchain without having any responsibility or risk associated with them – which is why we’ve seen so many starts dipping their toes in the water. MoneyGram is the latest company to […]
MoneyGram is launching its own entry into the digital custody space with an app designed to hold both traditional fiat currencies and stablecoins. A trial run is scheduled in Colombia before MoneyGram expands to other markets. It’s a carefully planned decision, as most remittances in Colombia come from abroad, usually in USD. The underlying blockchain is powered by Stellar and Crossmint, with customer balances held in Circle’s USDC. While MoneyGram’s new wallet appears to be a good way to bring existing MoneyGram customers into stablecoins, support for other cryptocurrencies is limited.....
Moneygram has launched a new crypto service to allow customers to buy, sell, and store cryptocurrencies using its mobile money transfer app. Initially, three cryptocurrencies are supported, including bitcoin and ethereum.
Moneygram’s New Crypto Service
Moneygram International Inc. (Nasdaq: MGI) announced the launch of a new cryptocurrency service Tuesday. The official Twitter account for Moneygram tweeted:
Moneygram announces the launch of a new service enabling consumers to buy, sell and hold cryptocurrency via the Moneygram app. This feature gives customers in....
According to Chainalysis, a crypto auditing and blockchain tracking firm, the use of dollar-pegged stablecoins is growing in Latam, specifically in Argentina and Venezuela, due to the common economic problems that both countries are facing. 34% of the “small” transactions include stablecoins in Venezuela, and 31% of these in Argentina, as citizens seek to shield themselves from devaluation and inflation.
Chainalysis Report Finds Stablecoins Are Useful for Latam Countries
While criticized by many, stablecoins are becoming a significant part of the activity of the....