MoneyGram Shifts Focus from Fees to Infrastructure in Crypto Expansion
MoneyGram's expansion into crypto cash-out capabilities is not a strategic pivot, but rather a natural extension of its global payments network, according to CEO Anthony Soohoo.
In an interview with Yellow.com, Soohoo emphasized that the biggest issue with cryptocurrency is its inability to be easily converted into real-world money, which is known as off-ramp infrastructure.
MoneyGram's integrations with platforms like Kraken enable seamless conversion of crypto into cash across more than 100 countries, moving beyond remittances and enabling crypto to function as spendable money.
Soohoo framed the company's role as an extension of its traditional foreign exchange business, rather than a radical shift. He stated that this is 'just another translation that we have to do with currency.'