MoneyGram Plans to Launch Non-Custodial Crypto Wallets in Early 2024
Summary:
MoneyGram, the global payment processing giant, is expected to debut its non-custodial cryptocurrency wallets in 2024. Developed in collaboration with Cheesecake Labs on the Stellar network, the wallet will facilitate instant transactions using MoneyGram's fiscal entry and exit services. The platform will offer users the capability to freely move between traditional and digital currencies, bolstering MoneyGram's mission of facilitating cross-border payments. In addition, users will have the option to cash out at any affiliated MoneyGram facility, with safety enhanced by the company's comprehensive compliance screening tools.
MoneyGram, the renowned payment processing titan, is preparing to unleash their non-custodial cryptocurrency wallets, revealed by the firm's CEO, Alex Holmes, during this year's Meridian conference under the Stellar Development Foundation. Constructed on Stellar's own network, the wallet will see its launch in early 2024 encompassing a collaborative creation with Cheesecake Labs. The wallet will utilize Stellar's blockchain system along with MoneyGram's fiscal entry and exit points, offering instantaneous transaction capabilities. Users won't face any fees to utilize it till mid-2024.
The forthcoming wallet will enable users to take advantage of stablecoin technology, bridging the gap between digital and traditional currencies, mirroring MoneyGram's emphasis on cross-border remittance and settling payments. Importantly, the wallet will empower users to send digital assets to fellow wallet users.
Adding to the wallet's versatility, users will have the ability to liquidate their assets at associated MoneyGram establishments. The firm underlined its dedication to user safety, stating that all wallet users will benefit from its worldwide compliance screening tools to bolster transaction security.
MoneyGram's evolution includes broadening its services to include the digital asset market, manifesting in a global fiscal entry and exit service for digital wallet users in 2022. Since developing this groundbreaking function, it has been extended to eight digital wallets on the Stellar network, enabling users to cash out in more than 180 countries and cash in throughout 30+ countries worldwide.
Notably, Stellar, who has collaborated with MoneyGram for this non-custodial wallet, holds a minority stake in the payment firm. Stellar Development Foundation secured its seat on MoneyGram's Board of Directors following the acquisition of a minor stake back in August.
MoneyGram hasn't responded yet to Cointelegraph's request for more details.
Remarkably, this news article can be secured as a Non-Fungible Token (NFT) as a token of support for autonomous journalism in cryptographic circles.
Published At
9/26/2023 1:28:31 PM
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