MoneyGram sign in Bansko, Bulgaria
MoneyGram sign in Bansko, Bulgaria, 1 March 2017. Shutterstock

According to the company’s press release, the new product, called “MoneyGram as a Service”, will enable companies to access its global money transfer network. Companies will gain access to MoneyGram’s API-driven infrastructure and technology, enabling them to add new services and scale their businesses.

The product will enable MoneyGram to enter a market estimated to reach $17 billion in value by 2024, with a compound annual growth rate of around 24% in the next three years.

MoneyGram was able to open up third-party access to its network thanks to a collaboration with Emergent Technology, the owner and operator of the G-Coin digital token, a digital asset representing ownership over a conflict-free and responsibly sourced gold.

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Alex Holmes, the chairman and CEO of MoneyGram, said the partnership with G-Coin is part of the company’s strategy to capture new revenue. To continue developing digital P2P payments, the company wants to capture the innovative potential of blockchain-driven digital assets, he explained in the press release.

Brent de Jong, the chairman and founder of G-Coin, said their partnership with MoneyGram confirms that digital assets are rapidly integrating into mainstream financial services. MoneyGram’s vast outreach and new enterprise-focused product will make G-Coin accessible to a significant amount of new users, most of which will be looking into alternative assets as a stable instrument for currency hedging.

The fact that G-Coin is compliant with Anti Money Laundering (AML) and Environmental, Social, and Governance (ESG) regulation will make it attractive to enterprises, the companies said in the release.

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