MoneyGram to Launch Stellar Wallet for Seamless Cash-to-Crypto Transactions
MoneyGram, renowned for its cash transfer services, has announced its intention to introduce a noncustodial cryptocurrency wallet by early 2024.
This digital wallet will be developed on the Stellar network, a move that aligns with MoneyGram’s enduring collaboration with the Stellar Development Foundation (SDF). MoneyGram initiated its partnership with Stellar in October 2021, enabling customers to convert USDC to cash and vice versa.
Cheesecake Labs, a software design company, is the creative force behind this wallet. It will be a fee-free service until June 2024 and seamlessly connect to MoneyGram’s existing on- and off-ramps on the Stellar network.
What sets MoneyGram’s digital wallet apart is its extensive network of physical ATMs and payment centers, comprising a global total of 350,000 locations, making it easy for users to convert their assets.
MoneyGram CEO Alex Holmes remarked, “Through our collaborative efforts with SDF, MoneyGram is working towards providing inclusive access to the worldwide financial system.”
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MoneyGram customers can withdraw their digital assets in over 180 countries and purchase digital assets with cash in over 30 countries.
In addition to convenient ATM access, MoneyGram’s wallet users will also have the capability to transfer USDC to other wallet users.
MoneyGram has indicated its intention to enhance the wallet’s functionalities and introduce new features following its launch next year. While specific details about these enhancements remain undisclosed, MoneyGram has yet to comment on this matter upon our inquiry.