Payment processing giant MoneyGram has revealed plans to launch its non-custodial cryptocurrency wallets, aiming to bolster its core focus on cross-border remittance and payment settlements. The announcement was made by MoneyGram’s CEO, Alex Holmes, during the Stellar Development Foundation’s annual Meridian conference.
A Stellar-Powered Wallet
MoneyGram’s non-custodial crypto wallet will be developed on the Stellar network and is set to debut in the first quarter of 2024. This innovative wallet, created in collaboration with Cheesecake Labs, will leverage both the Stellar network and MoneyGram’s fiat on/off-ramp services to facilitate seamless, instant transactions. Users will enjoy fee-free access to the wallet until June 2024.
Enabling Fiat-to-Digital Asset Conversions
The wallet will empower users to utilize stablecoin technology for swift transitions between fiat and digital currencies. It aligns with MoneyGram’s strategic vision of enabling cross-border transactions. Furthermore, users of the wallet will have the capability to send digital assets to other wallet users, enhancing its utility.
MoneyGram intends to enhance the usefulness of digital assets by allowing wallet users to cash out at any partner MoneyGram facility. Additionally, the company will provide all wallet users with access to global compliance screening tools, ensuring safer and more secure digital asset transactions.
MoneyGram’s Progress in Digital Assets
In recent years, MoneyGram has expanded its services to accommodate the digital asset market, introducing its global fiat on/off-ramp service for digital wallets in 2022. Since its launch, this service has been integrated into eight digital wallets on the Stellar network, enabling consumers to cash out in over 180 countries and cash in across more than 30 countries.
Stellar, MoneyGram’s strategic partner for the non-custodial wallet project, also holds a stake in the remittance company. The Stellar Development Foundation acquired a minority stake in MoneyGram in August of the same year, granting the foundation a seat on MoneyGram’s board of directors.
MoneyGram’s foray into non-custodial crypto wallets reflects its commitment to providing efficient and secure financial solutions for cross-border transactions and digital asset management.