Leading money transfer company, MoneyGram, has announced its intentions to launch a non-custodial crypto wallet in collaboration with the Stellar Development Foundation. The expectation is that the digital wallet will revolutionize cross-border payments by permitting seamless conversions between fiat and digital currencies. And the expected release date is in the first quarter of 2024
The MoneyGram Crypto Wallet
The digital wallet will allow MoneyGram users cash out their digital assets at any participating MoneyGram location across the globe. Furthermore, users can send digital assets to other wallet users, although critics argue that the company’s compliance screening of all wallet users might raise privacy concerns.
Promising a fee-free experience until June 2024, MoneyGram’s non-custodial crypto wallet will leverage Stellar’s blockchain network and combine it with the existing fiat on- and off-ramps of MoneyGram. Plans for upgrading the wallet’s capabilities are already underway. The primary focus is on bolstering the connection between global money transfers and blockchain payments.
This announcement follows MoneyGram’s foray into the crypto space in 2022, during which the company introduced a USDC crypto-to-cash program. That program enabled users to cash out digital currencies. In stark contrast to typical non-custodial wallets, MoneyGram’s product will implement comprehensive KYC requirements and maintain compatibility exclusively with other MoneyGram wallets.
Since initiating its digital asset-fiat on/off-ramp services in 2022, MoneyGram has extended these provisions to eight digital wallets operating within the Stellar network. This expansion has facilitated cash-out transactions for consumers in over 180 countries. It has also supported cash-in services in more than 30 countries worldwide.
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Disclaimer: Please note that this article serves solely for informational purposes and should not be construed as financial advice. We strongly advise readers to conduct thorough research and consult with financial professionals before making any investment decisions.
