Introduction
In an exciting development in the world of cryptocurrency, payment processing giant MoneyGram has announced its plans to launch its own non-custodial crypto wallets. During the Stellar Development Foundation annual Meridian conference, MoneyGram's CEO, Alex Holmes, revealed that the wallets will be built on the Stellar network and will be available to the market in the first quarter of 2024.
Partnership with Cheesecake Labs
To bring this project to life, MoneyGram has partnered with Cheesecake Labs. The collaboration will utilize the Stellar network and MoneyGram's fiat on and off-ramp services to facilitate instant transactions within the wallet. The wallet is expected to be free to use until June 2024.
Unlocking the Potential of Digital Assets
MoneyGram's non-custodial crypto wallet aims to leverage stablecoin technology, allowing users to easily move between fiat and digital currencies. The company intends to strengthen its focus on cross-border remittance and payment settlements, which are its core competencies. Additionally, users of the wallet will be able to send digital assets to other users within the wallet.
Accessible Cash Out Options
To make the digital assets more useful, MoneyGram will enable wallet users to cash out their assets at any partner MoneyGram facility. This feature provides a convenient and accessible way for users to convert their digital assets into cash. The company also emphasizes that all wallet users will have access to its global compliance screening tools, ensuring safer and more secure digital asset transactions.
MoneyGram's Expansion into the Digital Asset Market
MoneyGram has been steadily expanding its services to include the digital asset market. In 2022, the company introduced its own global fiat on and off-ramp service for digital wallets. Since then, MoneyGram has expanded the service to encompass eight digital wallets on the Stellar network. With these services, consumers can cash out in over 180 countries and cash in in more than 30 countries worldwide.
Stellar's Role and Partnership
Stellar, the partner chosen by MoneyGram for its non-custodial wallet, is also a stakeholder in the remittance firm. In August of this year, the Stellar Development Foundation acquired a minority stake in MoneyGram, granting the foundation a seat on MoneyGram's board of directors.
Cointelegraph has reached out to MoneyGram for more information but has yet to receive a response.
