In collaboration with the software company Cheesecake Labs and the blockchain platform Stellar network, MoneyGram is gearing up to introduce a non-custodial cryptocurrency wallet in Q1 2024. This groundbreaking wallet will offer global consumers a seamless bridge between traditional fiat and digital assets, all under the trusted MoneyGram brand.
MoneyGram announced plans to launch its own non-custodial digital wallet on stage at the @StellarOrg's annual Meridian conference. The wallet, which will officially debut in Q1 2024, will enable consumers around the world to leverage stablecoin technology to seamlessly move from… pic.twitter.com/kB848vsp9e
— MoneyGram (@MoneyGram) September 26, 2023
MoneyGram’s upcoming cryptocurrency wallet will differentiate itself by being non-custodial, granting users complete control over their private keys. Per recent reports, this heightened security ensures user safety as they can confidently manage their digital assets, eliminating concerns associated with centralized custody.
The MoneyGram crypto wallet will harness the Stellar network’s capabilities, a decentralized open-source platform that facilitates efficient currency and payment transactions. According to Stellar’s blog post, this partnership promises a secure, user-friendly experience bolstered by Stellar’s robust technology.
What truly sets this wallet apart is its integration with MoneyGram’s existing money transfer network. Users will experience a streamlined process for converting fiat to cryptocurrency and back within the MoneyGram ecosystem. To make this transition even more appealing, MoneyGram has committed to waiving transaction fees until the close of 2024.
Alex Holmes, MoneyGram’s Chairman and CEO, shared his enthusiasm about the partnership, remarking,
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.
In a related development, Circle introduced its euro-backed stablecoin or EURC, on the Stellar blockchain, per the following X post. This stablecoin enables users to send, spend, hold, and trade it globally with low-cost, near-instant transactions. Stellar’s integration into aid disbursement and cash assistance systems further highlights its potential impact during humanitarian crises.
Circle launches EURC stablecoin on Stellar network https://t.co/2B0NTK1Bbh
— The Block (@TheBlock__) September 26, 2023
