xrpl.bz
MoneyGram, a leading player in global money transfers, has announced its latest venture—a non-custodial digital wallet developed in partnership with Stellar. This groundbreaking wallet was unveiled at the annual Stellar Meridian 2023 conference.
Scheduled for release in the first quarter of 2024, the non-custodial digital wallet from MoneyGram will leverage the Stellar network while integrating with MoneyGram's fiat services. The wallet was created in collaboration with Cheesecake Labs. Additionally, users will be offered zero fees as a service until June 2024.
The newly introduced wallet aims to streamline the movement of funds between traditional fiat currencies and USDC, a stablecoin pegged to the US dollar. All of this will be under a single global brand known for its trustworthiness.
Alex Holmes, the CEO of MoneyGram, shared his thoughts on this milestone: “Our vision of bringing global communities together by expanding the rights and opportunities of our customers through innovative financial solutions takes another step forward today. Through the services we provide in partnership with SDF [Stellar Development Foundation], MoneyGram has succeeded in creating equal access to the global financial system, becoming the largest fiat provider offering blockchain access worldwide.”
The wallet is set to make its official debut in the first quarter of 2024. According to Holmes, delving deeper into the cryptocurrency ecosystem represents MoneyGram's ongoing commitment to harnessing the potential of blockchain.
After its launch, users of the wallet can visit any participating MoneyGram branch to cash out their digital assets and enhance the utility of their holdings. Users will also be able to seamlessly send digital assets to other users within the wallet.
Notably, the wallet adheres to stringent Know Your Customer (KYC) requirements and will only be compatible with other MoneyGram wallets.
While this approach restricts interactions with the broader crypto ecosystem, it also insulates MoneyGram from the regulatory uncertainty often encountered in the decentralized financial space.
The official statement mentioned that the wallet would be launched next year, and MoneyGram would expand its capabilities and “introduce new in-app features that will further bridge the worlds of international money transfers and blockchain payments.”
