MoneyGram announces Crypto-to-Cash Service roll-out on Stellar network

On June 10, MoneyGram and the Stellar Development Foundation announced the launch of the world’s first open / off digital digital ramp service, with the aim of maximising the use of digital assets by closing the cash and cash gap. crypto currency.

The service, which is the result of the MoneyGram and SDF partnership announced in October 2021, is now available to many of the first major users of the major remittance markets, including Canada, Kenya, the Philippines, and the United States, with international currency. – Out of work is expected by the end of June 2022.

MoneyGram tweeted the following:

This service gives money users access to the cryptocurrency world through any MoneyGram store, thanks to Stellar blockchain and Stellar-enabled digital wallets, MoneyGram merchant network, and Circle’s USD Coin (USDC), which is a digital currency stored fully. This service is an important step in closing the gap between real and digital currencies in an unprecedented way. As the solution evolves, we will pave the way for blockchain technology to increase investment by allowing more fluids between cash and cryptocurrency, allowing more people to benefit from the digital economy.

MoneyGram CEO Alex Holmes stated:

“We’re ecstatic to collaborate with the Stellar Development Foundation on this critical endeavour to expand consumer opportunities around the world by bringing the worlds of crypto and local fiat currencies closer together. MoneyGram is on a mission to provide innovative financial solutions that link the world’s communities, and the launch of this service is another significant step forward in that direction. It’s very exciting to launch this service ahead of schedule because to our technology teams’ strong collaboration, and we look forward to working with SDF on additional ways to use blockchain to streamline cross-border payments in the future.”

The partnership aims to provide a solution that transforms the payment process. For the first time, MoneyGram will be based in USDC, one of the fastest growing digital currencies in the world, in the near future. This allows for faster fundraising while improving efficiency and reducing risk.

Users of digital wallets can now move from cash to cryptocurrencies and cash back, all without the need for a bank account or credit card, due to the advent of this service. Consumers can now visit the MoneyGram site to download their digital wallets and gain access to the digital economy, or withdraw their digital currency to increase the value of their assets.