Cryptocurrency Strays Further From the Margins, Targeting New Users With MoneyGram and Bitget Integrations

Cryptocurrency remains far from mainstream payments, but it keeps edging closer in the United States and worldwide. Further evidence emerged

MoneyGram International Inc (NASDAQ:MGRAM) is launching an application programming interface that will enable digital wallets, fintechs, and exchanges to integrate with its global cash network.

What Happened: MoneyGram Ramps is an application programming interface that makes it easy for developers to connect to MoneyGram’s money transfer service. The API is powered by USDC stablecoin from Circle Internet Financial Ltd (NYSE:COIN) and Stellar's blockchain. It does not require users to have a bank account to collect or deposit funds at MoneyGram stores.

It is also capable of handling large transaction volumes.

“We’re able to create an integration that is unique in today’s market because it’s built for speed, scalability and ease-of-use,” said Anthony Soohoo, chief executive officer at MoneyGram.

“We’ve taken the complexity out of integration, opening the door to instant access to MoneyGram’s network with a few lines of code. We’re the connective tissue between digital currency and legacy money networks.”

The service is now available in 30 countries for deposits and 170 countries for withdrawals.

Also Read: Top 5 Cryptocurrency IPOs To Watch Out For In 2023

Why It's Important: The move by MoneyGram comes as cryptocurrency payments are becoming increasingly popular.

Earlier this week, crypto-focused app Bitget announced that merchants will be able to accept stablecoin transactions thanks to a new integration with Paydify, a payment gateway specializing in cryptocurrency.

The alliance will also facilitate the seamless use of Bitget Wallet for daily purchases at Point of Sale terminals.

“This integration will further enhance Paydify's capabilities in processing cryptocurrency payments, expanding its services to include an even broader range of merchants within Bitget's ecosystem,” Bitget said in a statement.

Bitget, which claims more than 60 million users and a user protection fund of over $300 million, is known for its comprehensive ecosystem of cryptocurrency products and solutions.

According to Onchain Report, limited merchant acceptance is a key barrier to using crypto for payments. A large majority (94%) of consumers who own crypto prefer to use it for online shopping.