- MoneyGram launches crypto to cash services on Stellar network.
- Will be available to selected countries now, and globally by the end of June, 2022.
- Makes possible seamless cash to crypto and crypto to cash transactions without necessary bank accounts.
The American based cross border p2p digital payment solutions, and services provider MoneyGram has been in partnership with the Stellar Development Foundation since October, 2021. Since then, together they have been working on bringing a futuristic, seamless and easy user interface service for cash to crypto and crypto to cash transactions and transfers.
Finally, on June 10, 2022 MoneyGram launched the much awaited service upon the Stellar (XLM) network. The Stellar Development Foundation (SDF) has been constantly working together with the MoneyGram team for this initiative.
The SDF is actually a non-profitable organization solely started for the development and growth of the Stellar network and its community. In spite of all this, the launch of the service is actually to pull-off the gap between cash to crypto and crypto to cash transfer bridging. This will be through a global on/off ramp service for digital wallets upon the Stellar network and blockchain.
Views of the CEOs
Firstly, this service will be available only for the selected countries like the U.S, Canada, Philippines and Kenya. Furthermore, this will be available on a global basis within the end of June, 2022.
Apart from this, the Circle’s USD, (USDC) will be the major digital currency for all the transactions involved upon this bridging. Moreover, MoneyGram will be offering this service at free of cost for the first 12 months too.
The CEO and Chairman of MoneyGram, Alex Holmes, are extremely overwhelmed in working together with the SDF to bring out a closer approach towards real cash and the digital world currencies and cryptos. Further, the CEO states that they are more focused towards driving the world towards a better innovative financial services mergement.
7/ Thank you to all of those involved in making this happen, including @Circlepay @Lobstrco, @Vibrant, @airtminc, @sendwyre, and the entire SDF and @MoneyGram team. Details below. https://t.co/OEKnvlxoFW
— Denelle Dixon (@DenelleDixon) June 10, 2022
On the other hand, the CEO of SDF, Denelle Dixon, states that cash to crypto and vice-versa transaction and transfer has always been a primary problem when it comes to crypto. Dixon further insists that this problem will no longer persist with their new service through MoneyGram.
