MoneyGram Opens Crypto-To-Cash Service on Stellar Network in the Philippines
The service was launched after the partnership of MoneyGram and Stellar Development Foundation (SDF).
To increase the utility of digital assets by creating a bridge between cash and cryptocurrencies, P2P payments and money transfer company MoneyGram International, Inc., simply known as MoneyGram, announced its initial kick off of crypto-to-cash service pilot on the Stellar blockchain.
The service was launched after the partnership of MoneyGram and Stellar Development Foundation (SDF), the firm behind the Stellar Network, last October 2021.
Crypto-to-Cash Service is currently available in the remittance markets of Canada, Kenya, Philippines and United States of America for the first wave of users, and the global cash-out functionality is expected to be available by the end of June 2022 and has a zero-fee service for the first 12 months.
The partnership, according to the announcement, aims to deliver a service that revolutionizes the settlement process; where MoneyGram will use USDC as a crypto settlement.
“A much-needed solution to the cash-to-crypto on/off-ramp problem is here. A persistent pain point for crypto-native users is off-ramping cryptocurrency quickly and reliably. The groundbreaking nature of this service is how it solves problems for a range of users with varying needs around the world.”
Denelle Dixon, CEO, Stellar Development Foundation
Stellar-connected digital wallets Vibrant and LOBSTR can also access this service at MoneyGram‘s participating international retail locations, with more wallets “expected to be added soon.”
“It’s especially exciting to launch this service ahead of schedule due to the strong collaboration of our technology teams, and we look forward to further collaboration with SDF as we work on uncovering new ways to utilise blockchain to further streamline cross-border payments.”
CEO and Chairman, MoneyGram
The partnership also targets to allow more businesses on the Stellar ecosystem to expand; including Elliptic, a firm specializing in crypto asset risk management, will provide MoneyGram with robust blockchain analytics solutions, and Wyre, a firm that provides blockchain payment, will help other wallets to integrate with the MoneyGram service.
As of the time of writing, MoneyGram has 150 million users around the globe and has 12,000 agent locations in the Philippines.
This article is published on BitPinas: MoneyGram Opens Crypto-To-Cash Service on Stellar Network in the Philippines
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