MoneyGram allows users to trade crypto

Yahoo Finance Live anchors discuss a new MoneyGram feature that will now let users send crypto.

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RACHELLE AKUFFO: It's time for Triple Play, the three stocks that we're watching in the last 10 minutes of trading. We've got MoneyGram, Paramount, and Electronic Arts on deck. Now, my pick is person-to-person payment service MoneyGram.

The company debuting a feature allowing us consumers to trade and store Bitcoin, Ethereum, and Litecoin via its mobile app. Now, the company joins others attempting to bring real world cryptocurrency and blockchain use cases to life for everyday consumers. In a statement, Alex Holmes, MoneyGram's Chairman and CEO, said cryptocurrencies are additive to everything we're doing at MoneyGram.

MoneyGram enables instant access to over 120 currencies around the globe, and we see crypto and digital currencies as another input and output option. Now, this isn't MoneyGram's first foray into crypto, but it's moving more conservatively this time, with just a few more established crypto tokens. Its previous partnership with Ripple came to an end last May after Ripple got sued by the SEC in December of 2020.

And of course, Coinbase recently joined a number of groups in arguing that the SEC's case threatens the broader industry. So there's still a lot of volatility to be had here. But MoneyGram is still pressing ahead here, Seana.

SEANA SMITH: They are pressing ahead. It's not doing a lot for the stock today, though, when you take a look at the market, the reaction-- although, obviously, there's a bigger macro picture going on in today's market action-- but certainly, if you take a look at the stock, down just a fraction here, so not a lot of excitement.

I think potentially, MoneyGram's move here-- you can make the argument that it could be a step forward into making Bitcoin cryptocurrency, taking that mainstream, giving access to more and more users in terms of that. There was a recent Deloitte survey saying that there certainly is appetite out there for users to be able to get access to cryptocurrencies and use that as part of their transactions.

3/4 of retailers plan to accept either cryptocurrency or stablecoin payments within the next two years-- 3/4, 75%. That number stuck out to me, because I thought it was a bit high when you think about how many transactions are actually done with Bitcoin or other cryptocurrencies today.