MoneyGram International, Inc. (“MoneyGram” or the “Company”), a leading global financial technology company that connects the world’s communities, has recently announced plans to launch its own, non-custodial digital wallet during the Stellar Development Foundation (SDF) annual conference.
The non-custodial digital wallet, which will officially debut first quarter of 2024, will enable consumers around the world to leverage stablecoin technology to seamlessly move from fiat to digital currency, to fiat again — all with the same global brand they trust.
IMAGE CREDIT: https://corporate.moneygram.com
Introducing the MoneyGram Non-Custodial Digital Wallet
Moneygram’s non-custodial digital wallet will redefine cross-border payments and enable its customers to send and receive money in new and exciting ways.
Once launched, wallet users will be able to visit any participating MoneyGram location to cash out their digital assets to increase the utility of their holdings.
Users will also be able to seamlessly send digital assets to other users in the wallet. More importantly, and unique to the industry, MoneyGram will apply its best-in-class global compliance screening capabilities to all wallet users.
“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,” said Alex Holmes, Chief Executive Officer of MoneyGram.
“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,” he added.
As MoneyGram rolls out the wallet next year, the company will also expand the wallet’s capabilities and introduce new features within the app that will help further bridge the worlds of international money transfers and blockchain payments.
Building on Moneygram’s Global Fiat On and Off-Ramp Service
In 2022, MoneyGram launched a first-of-its-kind global fiat on and off-ramp service for digital wallets2 to increase the utility of digital assets by creating a bridge between fiat and digital currencies.
Since its launch, the company has expanded the service to eight digital wallets on the Stellar blockchain, providing consumers with the ability to cash out in 180+ countries and cash in in more than 30 countries around the world.
The MoneyGram non-custodial digital wallet – which will be offered as a zero-fee service until June 2024 – will leverage the Stellar network and MoneyGram’s fiat on and off-ramp services integrated with the Stellar network. The wallet was built by Cheesecake Labs in partnership with MoneyGram.
“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,” concluded Holmes.