MoneyGram, the global money wire service, is expanding its presence in cryptocurrency and digital payments. The company is preparing to launch its own non-custodial digital wallet, enabling customers to seamlessly convert between fiat and cryptocurrencies, it said in a press statement.
MoneyGram has underscored that this upcoming wallet, slated for release in the first quarter of 2024, will harness stablecoin technology.
MoneyGram’s CEO, Alex Holmes, expressed the company’s vision, stating, “Our vision to connect the world’s communities, by empowering our customers through innovative financial solutions, takes another step forward today.” He also highlighted the company’s collaboration with the Stellar Development Foundation, noting MoneyGram’s role as the leading fiat on and off-ramp provider, offering blockchain access globally.
Notably, last month, the Stellar Development Foundation (SDF) announced a strategic investment in MoneyGram. SDF, which operates on the Stellar blockchain, had previously partnered with MoneyGram two years ago to facilitate crypto payments and launch a cash-to-crypto service.
In 2022, MoneyGram introduced a fiat on and off-ramp service for digital wallets, which has since expanded to encompass eight digital wallets on the Stellar blockchain, as stated by the company. MoneyGram’s services include “cash-out” options in more than 180 countries and “cash-in” capabilities in over 30 countries.
It’s worth mentioning that MoneyGram had a previous partnership with Ripple, a cryptocurrency that preceded Stellar, but this partnership concluded in early 2021.
