MoneyGram Partners to Roll Out Crypto-to-Cash Wallet Service
June 10 2022 - 2:08PM
Dow Jones News
By Chris Wack
MoneyGram International Inc. said it is partnering with the
Stellar Development Foundation to roll-out of a global on/off-ramp
service for digital wallets to increase the utility of digital
assets by creating a bridge between cash and cryptocurrencies.
The service, first announced in October 2021, is now available
in a number of remittance markets, including Canada, Kenya,
Philippines and the U.S., with global cash-out functionality
expected to be available by the end of June 2022, the company said
Friday.
It said the new service is powered by the Stellar blockchain and
Stellar-enabled digital wallets, MoneyGram's retail agent network,
and Circle's USD Coin, a fully-reserved dollar digital
currency.
The service provides cash users access to the world of
cryptocurrency via any participating MoneyGram location. To support
adoption, MoneyGram said it will offer this as a zero-fee service
for the first 12 months.
Consumers can now go into a MoneyGram location to either load
their digital wallets, or cash-out their digital currencies to
increase the utility of their holdings, MoneyGram said.
The company said it will expand access to the cash-in service
into seven more countries by the end of June, at which point
cash-out functionality will also be available globally, where
permitted by law.
Earlier this month, MoneyGram said it was partnering to launch
MoneyGram's international money-transfer capabilities on Mobily Pay
for consumers in Saudi Arabia. In January, the company said it
entered a strategic partnership with Smiles Mobile Remittance-owner
Digital Wallet Corp. so consumers in Japan can use the Smiles
mobile app powered by MoneyGram's global payment rails and near
real-time capabilities to send money.
Write to Chris Wack at chris.wack@wsj.com
(END) Dow Jones Newswires
June 10, 2022 13:53 ET (17:53 GMT)
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