MoneyGram Launched Global Crypto-to-cash Service on the Stellar Network
MoneyGram | June 13, 2022
MoneyGram and Stellar Development Foundation announced the initial roll-out of a first-of-its-kind global on/off-ramp service for digital wallets to increase the utility of digital assets by creating a bridge between cash and cryptocurrencies. The service, which is the result of a partnership announced in October 2021 between MoneyGram and SDF, is now available in several key remittance markets, including Canada, Kenya, the Philippines, and the United States, for the first wave of users, with global cash-out functionality expected to be available by the end of June 2022.
MoneyGram will provide this service free for the first year to support development.
The collaboration focuses on offering a revolutionary settlement service. The first time, settlement with MoneyGram will occur near-real-time utilizing USDC, one of the dollar digital currencies with the quickest growth rate. This expedites the collecting of cash, increasing efficiency and decreasing risk.
With the debut of this service, users of digital wallets may shift from cash to cryptocurrencies and back to cash without needing a bank account or credit card. In addition, consumers may now visit a MoneyGram facility to either load their digital wallets to access the digital economy or cash out their digital currencies to raise the value of their holdings.
Users of the Stellar-connected digital wallets Vibrant and LOBSTR may now utilize this service at MoneyGram's international retail locations. Additional Stellar-connected wallets will be added soon. This service also establishes a developer platform that will enable additional wallets and service providers within the Stellar ecosystem and beyond to increase the functionality and reach of MoneyGram's integration with the Stellar network. Elliptic, a worldwide leader in crypto asset risk management, will supply MoneyGram with strong blockchain analytics tools. Wyre, a global pioneer in blockchain payments APIs, will assist other wallets, beginning with Airtm, a digital dollar account, in integrating with the MoneyGram service.
MoneyGram will expand the cash-in service to seven additional countries by June. At that time, cash-out capabilities will also be accessible internationally, where authorized by law.