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MoneyGram admits ‘cybersecurity issue’ behind several-day outage

MoneyGram’s services have been offline since Sept. 20, with the firm confirming the outage is due to a cybersecurity incident three days later.

Financial services firm MoneyGram has admitted its multiday outage is due to a “cybersecurity issue,” and it is working to restore its services with some success.

“MoneyGram recently identified a cybersecurity issue affecting certain of our systems,” the company said in a Sept. 23 X post.

It comes days after users reported that its services were down on Sept. 20, and hundreds have reported MoneyGram’s outage in the past 24 hours, according to service status information aggregator DownDetector.

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Ripple Withdraws Investments in Bitstamp, MoneyGram and Tranglo, According to Crunchbase

Ripple Withdraws Investments in Bitstamp, MoneyGram and Tranglo, According to Crunchbase

Ripple has exited its positions in the crypto exchange Bitstamp, the money transfer firm MoneyGram and the cross-border payments company Tranglo, according to data from Crunchbase.

The post Ripple Withdraws Investments in Bitstamp, MoneyGram and Tranglo, According to Crunchbase appeared first on The Daily Hodl.

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MoneyGram to launch non-custodial crypto wallets by Q1 2024

The non-custodial wallet will continue MoneyGram’s remittance focus allowing users to easily convert their digital assets to fiat.

Payment processing giant MoneyGram is all set to launch its own non-custodial crypto wallets, the company’s chief executive officer, Alex Holmes, announced during the Stellar Development Foundation annual Meridian conference.

The non-custodial crypto wallet will be built on the Stellar network and hit the market in the first quarter of 2024. The wallet was created in partnership with the Cheesecake Labs, and will make use of the Stellar network and MoneyGram's fiat on and off-ramp services to facilitate instant transactions. There will be no charge to use it until June 2024.

The wallet will allow users to leverage stablecoin technology to move between fiat and digital currencies, and is intended to strengthen the company's focus on its core competence of cross-border remittance and payment settlements. Wallet users will be able to send digital assets to other users within the wallet as well, the company said.

In order to make the digital assets more useful, MoneyGram wallet users will be able to cash out their assets at any partner MoneyGram facility, the company said, adding that all wallet users will have access to its global compliance screening tools to make way for safer and more secure digital assets transactions.

MoneyGram over the years has expanded its services to incorporate the digital asset market and developed its own global fiat on and off-ramp service for digital wallets in 2022. Since the launch of its digital asset-fiat on/off-ramp services the company has expanded the service to eight digital wallets on the Stellar network. The services allow consumers to cash out in 180+ countries and cash in 30+ countries around the world.

Related: Stellar partners with UNHCR to give Ukrainian refugees cash via USDC

Stellar, the MoneyGram partner for its non-custodial wallet is also a stakeholder in the remittance firm. The Stellar Development Foundation acquired a minority stake in MoneyGram in August earlier this year giving the foundation a seat on MoneyGram’s board of directors.

Cointelegraph reached out to MoneyGram for further details, but hasn't yet received a reply.

Collect this article as an NFT to preserve this moment in history and show your support for independent journalism in the crypto space.

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XRP Rival Stellar Lumens (XLM) Acquires Stake in Cash Transfer Giant MoneyGram Via Foundation

XRP Rival Stellar Lumens (XLM) Acquires Stake in Cash Transfer Giant MoneyGram Via Foundation

The foundation behind XRP rival Stellar (XLM) is acquiring a minority stake in the payments giant MoneyGram International (MGI). In a new blog post, the chief executive of the Stellar Development Foundation (SDF), Denelle Dixon, says the Foundation is using cash from its treasury in a go-private transaction with the private equity firm Madison Dearborn […]

The post XRP Rival Stellar Lumens (XLM) Acquires Stake in Cash Transfer Giant MoneyGram Via Foundation appeared first on The Daily Hodl.

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Stellar dips into treasury to buy minority stake in MoneyGram

The financial details weren't disclosed but the investment gave the Stellar Development Foundation a seat on MoneyGram's Board of Directors.

The Stellar Development Foundation (SDF) has become a minority investor in payments provider MoneyGram International.

In an Aug. 15 X post, Stellar Development Foundation CEO and Executive Director Denelle Dixon announced the new investment saying the decision to provide funds to MoneyGram “was an easy one.”

In an accompanying blog post, Dixon added the investment was made out of the SDF's own cash treasury using assets set aside to support the operations of the Foundation. This was used instead of Stellar’s Enterprise Fund used to invest in startups and earlier-stage companies.

While Dixon did not divulge financial details, she did state the investment gave SDF a seat on MoneyGram's Board of Directors.

She explained the investment positions from SDF will contribute to MoneyGram by expanding its digital business and exploring blockchain technology.

“Most importantly, it signifies a rededication from MGI, one of the world’s leading global financial technology, to becoming a digital-forward leader in fintech.”

The Stellar Development Foundation established a commercial partnership with MoneyGram in 2021 but has been collaborating on tools and technology with the firm since 2019.

In November 2022, MoneyGram enabled United States-based users to buy, sell and hold cryptocurrency via its mobile app.

In July 2023, the firm announced a new account deposit service for consumers in Venezuela through its partnership with local bank Banesco.

Related: Stellar partners with UNHCR to give Ukrainian refugees cash via USDC

Stellar’s native token Stellar (XLM) did not register a reaction to the announcement, dropping 4.4% on the day to $0.129 at the time of writing, according to Cointelegraph price data.

XLM got a lift following Ripple’s partial court victory but has declined 28% since then and remains down 85% from its January 2018 all-time high of $0.875.

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UNHCR Launches Blockchain Payment Solution to Support Ukrainians Displaced by War

UNHCR Launches Blockchain Payment Solution to Support Ukrainians Displaced by WarThe United Nations High Commissioner for Refugees (UNHCR) recently said it has launched a blockchain payment solution for digital cash distribution to internally displaced persons (IDPs) in Ukraine. According to the agency, the use of the blockchain-based cash distribution system ensures the funds are instantly transferred to the intended recipients. Only ‘Most Impacted and Vulnerable […]

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Litecoin eyes $100 after ‘rare’ LTC price breakout

MoneyGram's decision to integrate Litecoin into its crypto services and the coin's upcoming halving event has served as catalysts behind LTC's price rally.

Litecoin (LTC) could rise another 20% amid a rare trend reversal breakout that has already resulted in LTC outperforming most crypto assets in recent days.

LTC's not-so-bearish symmetrical triangle

LTC's price broke out of what earlier appeared to be a bearish symmetrical triangle.

Symmetrical triangles are trend continuation patterns, meaning breaking out of their range typically prompts the price to move in the direction of their previous trend. 

Litecoin formed a symmetrical triangle pattern between May and November after dropping 70% to nearly $40 in the prior trading sessions. Ideally, the LTC/USD pair could have resolved the pattern by breaking below its lower trendline.

But instead, it broke above the upper trendline in early November, as shown below. According to Edwards and Magee, the authors of Technical Analysis of Stock Trend, the breakout move is rare, given only 25% of symmetrical triangle breakouts have historically resulted in trend reversals.

LTC/USD three-day price chart. Source: TradingView

Litecoin followed up with its symmetrical triangle reversal move decisively and now eyes a run-up toward $100, or another 20% by December 2022.

This upside target is measured after calculating the distance between the triangle's upper and lower trendline and adding the output to the breakout point (around $58 in Litecoin's case).

Why is Litecoin price up?

Litecoin's symmetrical triangle breakout move started in late October. It coincided with MoneyGram's announcement that it would enable users to purchase, store, and use LTC alongside Bitcoin (BTC) and Ether (ETH) for payments.

LTC/USD three-day price chart. Source: TradingView

The LTC breakout lost momentum due to the FTX collapse in the first week of November and its negative impact on the broader crypto market. But, Litecoin resumed its upward trend amid speculations about its reward halving in the summer of 2023.

Related: Litecoin hits fresh 2022 high versus Bitcoin — But will LTC price ‘halve’ before the halving?

"Litecoin tends to rally in the months leading up to the halving," noted market analyst, The Digital Trend, in his SeekingAlpha op-ed, adding:

"Then, the price tends to stabilize before entering a lengthier and more substantial bull market. Then, around halfway through the cycle, Litecoin enters a bearish/distribution phase like Bitcoin."
LTC/USD price performance before and after halving. Source: TradingView/The Digital Trend

Litecoin's price could reach $180 by July 2023 if the halving fractal plays out as intended, as Cointelegraph covered here.

The bearish take

Conversely, Litecoin can see a short-term correction as its three-day relative strength index (RSI) is turning "overbought." The trigger for the downside move could be the RSI crossing above 70 from its current reading of 68, as shown below.

LTC/USD three-day price chart. Source: TradingView

LTC's price downside target comes to be at around $40 in the event of a correction trend, down about 50% from current price levels.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

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Payments Giant MoneyGram Enables Bitcoin (BTC), Ethereum (ETH) and Litecoin (LTC) Trading on App

Payments Giant MoneyGram Enables Bitcoin (BTC), Ethereum (ETH) and Litecoin (LTC) Trading on App

Payments company MoneyGram is rolling out a new service that allows consumers to buy, sell and hold crypto assets using the company’s mobile app. In a statement, the money transfer giant says the MoneyGram app’s crypto trading feature will support Bitcoin (BTC), Ethereum (ETH) and Litecoin (LTC) and is now available to customers in nearly […]

The post Payments Giant MoneyGram Enables Bitcoin (BTC), Ethereum (ETH) and Litecoin (LTC) Trading on App appeared first on The Daily Hodl.

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Moneygram Enables Customers to Buy and Sell Cryptocurrency via Its Money Transfer App

Moneygram Enables Customers to Buy and Sell Cryptocurrency via Its Money Transfer AppMoneygram 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 […]

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Moneygram to enable users to buy, sell and hold cryptocurrency via mobile app

According to the company, users within select regions can now trade and store Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC).

Global digital peer-to-peer (P2P) payments company MoneyGram has announced on Nov. 1 that users in nearly all U.S. states and the District of Columbia, can buy, sell, and hold cryptocurrency; specifically, Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC), via its MoneyGram mobile app. 

The digital payments company said that it plans to add more digital currencies to its app in 2023, as global regulations allow.

Alex Holmes, Chairman and CEO of MoneyGram, stated:

"As consumer interest in digital currencies continues to accelerate, we are uniquely positioned to meet that demand and bridge the gap between blockchain and traditional financial services thanks to our global network, leading compliance solutions, and strong culture of fintech innovation."

The rollout of this latest crypto-related initiative is a part of the company’s vision to increase adoption by bringing “real-world cryptocurrency and blockchain use cases to life.” Moneygram shared that this crypto addition to its app was made possible through its partnership with licensed crypto exchange and API-driven crypto-as-a-service provider, Coinme.

Related: Paypal’s crypto ‘super app’ set to roll out soon

Despite being in a bear market with no clear end in sight, some companies appear to be laying t foundations to expand into the crypto world. On Oct 25, Cointelegraph reported that Western Union filed three trademarks that covered managing digital wallets, exchanging digital assets and commodities derivatives, issuing tokens of value, and brokerage and insurance services.

Also in October, the mobile payment processing app, Cash App, added support for transactions via the Bitcoin Lightning Network. The new feature is set to allow Cash App users to send and receive Bitcoin(BTC) on the faster, more efficient layer-2 protocol.

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