Moneygram Steps Up with a Wallet for Cross-Border Crypto Exchanges

Moneygram, renowned for its money transfer services, is setting its sights on the burgeoning digital currency space. With the Stellar Development Foundation by its side, the company is set to introduce a non-custodial digital wallet. This move comes in a bid to simplify cross-border payments by offering conversions between digital and traditional currencies.

Slated for a 2024 debut, this digital wallet will be a game-changer for Moneygram customers. They’ll be able to liquidate their digital holdings at Moneygram outlets around the globe. Moreover, transferring digital assets to fellow wallet users becomes seamless. But, there’s a catch. Moneygram emphasizes that they will screen all wallet users for compliance, a point that may ruffle some feathers among privacy enthusiasts.

Alex Holmes, Moneygram’s CEO, weighed in on this initiative, “Our vision to connect the world’s communities by empowering our customers through innovative financial solutions takes another step forward today.” He continued, highlighting the wallet’s role, “The Moneygram non-custodial digital wallet advances this mission even further.”

Users will appreciate a fee waiver on the wallet until June 2024. Powered by Stellar’s blockchain, the wallet integrates effortlessly with Moneygram’s existing systems, blending traditional and digital currency channels. The company’s horizon doesn’t end here; post-launch, they aim to roll out added features marrying the worlds of blockchain payments and global money transfers.

This isn’t Moneygram’s maiden voyage into the crypto realm. Last year, the firm unveiled a program that enabled users to liquidate USDC digital currency. Then in November, they enhanced their money transfer app, allowing crypto transactions. This upcoming wallet is just the latest step in Moneygram’s quest to broaden the scope of digital asset accessibility.