MoneyGram announces the launch of a non-custodial cryptocurrency wallet in Q1 next year.
MoneyGram formally declared its intention to introduce a cryptocurrency wallet that is not custodial. It announced that the launch is scheduled for the first quarter of the next year in a press release.
CashGram and the latest digital wallet
A well-known American business that specializes in cross-border peer-to-peer money transfers is MoneyGram International.
In 1998, Travellers Express and Integrated Payment Systems merged to form the new company.
With a nearly $1 billion turnover, it has its headquarters located in Dallas, Texas.
It is one of the biggest providers of cross-border money transfer services, operating in 200 countries with 2,300 direct employees and 347,000 offices globally.
It has also been a part of the cryptocurrency industry for years now because of a collaboration with Ripple that began in 2019 and concluded due to Ripple’s legal issues with the SEC.
Later, it formed an alliance with Stellar, the decentralized competitor of Ripple, and since 2021, it has been enabling the purchase of Bitcoin with US dollars at certain locations by means of a collaboration with Coinme.
Its new cryptocurrency endeavor is therefore not entirely shocking. However, using cryptocurrencies for peer-to-peer (P2P) cross-border transactions lessens a number of issues brought on by the previous financial system, which was based on numerous national fiat currencies.
Crypto wallet
The first quarter of 2024 will see the release of MoneyGram’s cryptocurrency wallet, which will enable stablecoin users to convert between fiat and digital currencies with ease.
Thus, its customers will be able to transmit stablecoins around the globe simply, swiftly, and affordably after converting fiat money to stablecoin. Recipients will be able to exchange stablecoins for other fiat currencies by utilizing their wallet once more. They will only need to visit one of the 347,000 offices of the corporation in order to cash in fiat currencies, as they presently do.
Nevertheless, MoneyGram introduced a fiat on-ramp service for digital wallets last year, enabling users to withdraw fiat money in more than 180 nations worldwide.
MoneyGram’s cryptocurrency wallet will be non-custodial, meaning users will always be the only ones with ownership. It will be free of charge until June 2024 and built on the Stellar network.
Evaluation of the novel product
Alex Holmes, CEO of MoneyGram, stated:
“Our vision to connect the world’s communities, by empowering our customers through innovative financial solutions, takes another step forward today. 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 MoneyGram non-custodial digital wallet advances this mission even further. 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
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. We’re excited to continue to share more in the coming months.”
