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MoneyGram to launch non-custodial digital wallet

MoneyGram International, Inc., a prominent name in the global financial technology sphere, has announced the introduction of its non-custodial digital wallet.

The grand unveiling occurred during the Stellar Development Foundation’s annual Meridian conference, hinting at a significant move by the company to tap into the burgeoning crypto market.

Users can convert digital assets to fiat at any participating MoneyGram outlet

Slated for an official release in the first quarter of 2024, this new wallet seeks to empower its global consumer base by utilizing stablecoin technology. The primary objective is to facilitate seamless transitions between fiat and digital currencies.

MoneyGram’s latest venture into the digital realm promises to reshape the dynamics of international payments. With this digital wallet, users can convert their digital assets to fiat at any participating MoneyGram outlet, enhancing the utility of their digital holdings. In addition, users can effortlessly transfer digital assets to other wallet users.

The standout feature of this digital wallet is MoneyGram’s decision to implement its renowned global compliance screening for all wallet users, setting a new industry standard.

Non-custodial digital wallet with zero fees until June 2024

Alex Holmes, Chief Executive Officer at MoneyGram, said: “In collaboration with SDF, MoneyGram has been working towards creating equitable access to the global financial system. With the introduction of this non-custodial digital wallet, we are further emphasizing our commitment to providing consumers with a bridge to the digital economy while upholding our brand’s integrity for speed, efficiency, and trust.

“As we continue our journey in the blockchain landscape, we envision a broader role for MoneyGram’s services in consumers’ lives globally. Stay tuned for more updates in the forthcoming months.”

Building on its pioneering global fiat on and off-ramp service launched in 2022, MoneyGram continues to bridge the gap between fiat and digital currencies. Since its initiation, this service has been integrated with eight digital wallets on the Stellar blockchain, enabling cash-outs in over 180 countries and cash-ins in more than 30 countries worldwide.

This new digital wallet, set to be a zero-fee service until June 2024, will operate on the Stellar network, incorporating MoneyGram’s fiat services within the Stellar ecosystem. The development credit for this wallet goes to Cheesecake Labs in collaboration with MoneyGram.

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