Moneygram, a leading money transfer company, announced plans to launch its own non-custodial digital wallet in partnership with the Stellar Development Foundation. The wallet will enable users to convert between fiat and digital currencies when sending cross-border payments.
Moneygram Partners With Stellar to Launch Non-Custodial Digital Wallet
Set to launch in the first quarter of 2024, the new digital wallet will allow Moneygram customers to cash out their digital assets at any participating Moneygram location worldwide. Additionally, the wallet will let users send digital assets to other wallet users. However, privacy advocates might take issue with the fact that Moneygram will apply its compliance screening to all wallet users.
“Our vision to connect the world’s communities by empowering our customers through innovative financial solutions takes another step forward today,” said Alex Holmes, CEO of Moneygram. Holmes added, “The Moneygram non-custodial digital wallet advances this mission even further.”
Offered without fees until June 2024, the non-custodial wallet will use Stellar’s blockchain network and integrate with Moneygram’s existing fiat on- and off-ramps. Moneygram plans to expand the wallet’s capabilities after its launch, introducing new features that further connect global money transfers with blockchain payments.
Building on Moneygram’s 2022 ventures in the crypto space, the company launched a USDC crypto-to-cash program last June, allowing users to cash out digital currencies. In November, Moneygram began permitting customers to buy and sell cryptocurrencies directly within its money transfer app. The non-custodial wallet represents the company’s most recent effort to increase access to digital assets.
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