Dallas-based MoneyGram International plans to launch its own non-custodial digital wallet that will officially make its debut in the first quarter next year.
Moneygram, a leading global financial technology company that aims to connect the world’s communities, said it will enable consumers around the world to leverage stablecoin technology to seamlessly move from fiat currency to cryptocurrency, to fiat again.
“Our vision to connect the world’s communities, by empowering our customers through innovative financial solutions, takes another step forward today,” MoneyGram CEO Alex Holmes said in a statement. “Through the services we provide in partnership with SDF, MoneyGram has made strides to create equitable access to the global financial system, having become the single largest fiat on and off-ramp provider offering blockchain access worldwide.”
The company said its non-custodial digital wallet will “redefine” cross-border payments and enable MoneyGram customers to send and receive money in new ways.
Once it’s launched, wallet users will be able to visit any participating company location to cash out their digital assets to increase the utility of their holdings, MoneyGram said, adding that users will also be able to seamlessly send digital assets to other users in the wallet.
“The MoneyGram non-custodial digital wallet advances this mission even further,” Holmes said. “We’re thrilled to have the vision, strategic plans, innovative technology and expansive retail network in place to continue offering consumers access to the digital economy, but now further backed by our global reputation for speed, efficiency and trust.”
Marrying the worlds of money transfers and blockchain payments
As the wallet is rolled out next year, MoneyGram said it will expand its capabilities and introduce new features within the app that will help further bridge the worlds of international money transfers and blockchain payments.
In 2022, MoneyGram launched a first-of-its-kind global fiat on and off-ramp service for digital wallets to increase the utility of digital assets by creating a bridge between fiat and digital currencies, the company said.
Since the launch, MoneyGram said it has expanded the service to eight digital wallets on the Stellar blockchain, providing consumers the ability to cash-out in more than 180 countries and cash-in in more than 30 countries around the world.
The MoneyGram non-custodial digital wallet will be offered as a zero-fee service until June 2024 and will leverage the Stellar network and MoneyGram’s fiat on and off-ramp services integrated with the Stellar network.
MoneyGram said the wallet was built by Brazilian-based Cheesecake Labs in partnership with MoneyGram.
“As a global fintech, the work we’re doing on the blockchain is one of the many ways we’re thinking differently about how MoneyGram’s services can play a broader role in the lives of consumers globally,” Holmes said.
In June, we told you how MoneyGram teamed up with Zirtue to serve unbanked and underbanked borrowers.
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