Available now in a number of key global remittance markets, including Canada, Kenya, Philippinesand the United States, with additional countries launching throughout June
DALLAS and SAN FRANCISCO, June 10, 2022 /PRNewswire/ — MoneyGrama global leader in the evolution of P2P digital payments, and theStellar Development Foundation (SDF), a non-profit organization that supports the development and growth of Stellar, an open-source public blockchain that allows money to be tokenized and moved around the world, today announced the initial rollout of a first-of-its-kind global access and exit service for digital wallets to increase the utility of digital assets by bridging cash and cryptocurrencies. The service, the result of the partnership between MoneyGram and SDF announced in October 2021is now available in a number of key remittance markets, including Canada, Kenyain the Philippines and the United States for the first wave of users, with global withdrawal functionality expected to be available by the end of June 2022.
Powered by the Stellar blockchain and Stellar-enabled digital wallets, MoneyGram’s retail agent network andCircle‘s USD Coin (USDC), a fully reserved dollar digital currency, the service allows cash users to access the world of cryptocurrency through any participating MoneyGram location. This service is a monumental step in bridging the gap between physical and digital currencies in a way that has never been done before at scale. As it develops, this solution will pave the way for blockchain technology to strengthen financial inclusion, creating fluidity between cash and crypto so that more people can benefit from the digital economy.
To support adoption, MoneyGram will offer this service free of charge for the first 12 months.
“We are thrilled to be working alongside the Stellar Development Foundation on this important initiative to bring more opportunities to consumers around the world by making the worlds of crypto and local fiat currency compatible,” said Alex Holmes, chairman and CEO of MoneyGram. “At MoneyGram, we’re on a mission to provide innovative financial solutions that connect communities around the world, and the initial launch of this service is another milestone in our journey. It’s especially exciting to launch this service ahead of schedule. due to the strong collaboration from our technology teams, and we look forward to continuing our collaboration with SDF as we work to uncover new ways to use blockchain to further streamline cross-border payments.”
The partnership is focused on delivering a service that revolutionizes the settlement process. For the first time, settlement with MoneyGram will occur in near real-time using USDC, one of the fastest growing digital dollar currencies in the world. This speeds up fundraising, improves efficiency and reduces risk.
“A much-needed solution to the on-ramp/out-ramp problem from money to crypto is here,” said Denelle Dixon, CEO and Executive Director of the Stellar Development Foundation. “Today, nearly 2 billion people depend on cash for their livelihoods, with no opportunity to access the digital economy. At the same time, a persistent pain point for crypto-native users is the rise into the fast and reliable power of cryptocurrency. The revolutionary nature of this service is the way it solves the problems of a range of users with varying needs around the world.”
With the launch of this service, digital wallet users can now seamlessly switch from cash to cryptocurrency, to cash out again, all without the need for a bank account or debit card. credit. Consumers can now visit a MoneyGram location to load their digital wallets to access the digital economy or withdraw their digital currencies to increase the utility of their holdings.
Stellar-connected Vibrant and LOBSTR digital wallet users, with other wallets expected to be added soon, can now access this service at participating international MoneyGram outlets. This service also creates a development platform that will allow more businesses within the Stellar ecosystem and beyond, including wallets and service providers, to extend the functionality and reach of the MoneyGram integration with the Stellar network. For example, Elliptic, a global leader in crypto asset risk management, will provide MoneyGram with robust blockchain analytics solutions, andwyreone of the leading blockchain payment API providers, will help other wallets, starting withAirTMa digital dollar account, integrates with the MoneyGram service.
MoneyGram will expand access to the cash-out service to seven additional countries by the end of June, at which time cash-out functionality will also be available worldwide, where permitted by law. Learn more about the service and how to access it atstellar.org/moneygram.
About MoneyGram International, Inc.
MoneyGram is leading the evolution of P2P digital payments. With a focused strategy to mobilize the movement of money, a strong culture of fintech innovation, and industry-leading customer-centric capabilities, MoneyGram has grown to serve nearly 150 million people worldwide over the last five years. The company leverages its modern, mobile, API-driven platform and works with the world’s leading brands to serve consumers through MoneyGram Online (MGO), its direct-to-consumer digital business, global retail network and its emerging integrated financing business for corporate customers, MoneyGram as a Service. For more information, visit ir.moneygram.com and follow @MoneyGram.
Stellar is a decentralized, fast, scalable and particularly sustainable network for financial products and services. It is both a cross-currency trading system and a digital asset issuance platform, designed to connect the global financial infrastructure. Financial institutions around the world issue assets and settle payments on the Stellar network, which now has more than 6 million accounts. For more information, visit stellar.org.
About Stellar Development Foundation
The Stellar Development Foundation (SDF) is a non-profit organization that supports the development and growth of Stellar, an open source network that connects the global financial infrastructure. Founded in 2014, the Foundation helps maintain Stellar’s code base, supports technical and business communities that rely on the network, and serves as a voice for regulators and institutions. The Foundation seeks to create equitable access to the global financial system, using the Stellar network to unlock global economic potential through blockchain technology. For more information, visit stellar.org/foundation.
About the circle
Circle is a global financial technology company that enables businesses of all sizes to harness the power of digital currencies and public blockchains for payments, commerce and financial applications around the world. Circle is the issuer of USD Coin (USDC), one of the fastest growing digital dollar currencies, continuously powering native internet commerce and payments. Today, Circle’s transactional services, business accounts and platform APIs are giving birth to a new generation of financial services and business applications that promise to increase global economic prosperity for all through the frictionless exchange of financial value. Additionally, Circle operates SeedInvest, a leading seed fundraising platform in the United States. Learn more at https://circle.com
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