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MoneyGram has announced plans to launch its own non-custodial digital wallet which will officially debut in Q1 2024.
The wallet will enable consumers around the world to leverage stablecoin technology to move from fiat to digital currency, to fiat again.
Non-Custodial Wallet
MoneyGram launch non-custodial digital wallet
The Company’s non-custodial digital wallet will “redefine cross-border payments” and enable MoneyGram customers to send and receive money in different ways.
Once launched, wallet users will be able to visit any participating MoneyGram location to cash-out their digital assets to increase the utility of their holdings.
Users will also be able to seamlessly send digital assets to other users in the wallet. Importantly, and unique to the industry, MoneyGram will apply its best-in-class global compliance screening capabilities to all wallet users.
“Our vision to connect the world’s communities, by empowering our customers through innovative financial solutions, takes another step forward,” comments Alex Holmes, MoneyGram Chief Executive Officer.
“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.”
“The MoneyGram non-custodial digital wallet advances this mission even further. We’re thrilled to have the vision, strategic plans, innovative technology and expansive retail network in place to continue offering consumers access to the digital economy, but now further backed by our global reputation for speed, efficiency and trust.”
A Global Fiat On and Off-Ramp Service
In 2022, MoneyGram launched a first-of-its-kind global fiat on and off-ramp service for digital wallets to increase the utility of digital assets by creating a bridge between fiat and digital currencies.
Since launch, the Company has expanded the service to eight digital wallets on the Stellar blockchain, providing consumers the ability to cash-out in 180+ countries and cash-in in 30+ countries around the world.
The non-custodial digital wallet – which will be offered as a zero-fee service until June 2024 – will leverage the Stellar network and MoneyGram’s fiat on and off-ramp services integrated with the Stellar network.
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