Ripple rival Stellar powers MoneyGram’s new global on/off-ramp service

Rick Steves

Digital wallet users can move from cash to cryptocurrency, to cash again, without requiring a bank account or credit card.

MoneyGram has rolled out a global on/off-ramp service for digital wallets to increase the utility of digital assets by creating a bridge between cash and cryptocurrencies.

The blockchain specialist partnering with the P2P payments giant is the Stellar Development Foundation (SDF), founded by Jed McCaleb to support the development and growth of Stellar, an open-source public blockchain that allows money to be tokenized and transferred globally, and XRP rival.

The product of the partnership between MoneyGram and SDF announced in October 2021 is now available in a number of key remittance markets, including Canada, Kenya, Philippines and the U.S. for the first wave of users, with global cash-out functionality expected to be available by the end of June 2022.

The global on/off-ramp service for digital wallets is powered by the Stellar blockchain and Stellar-enabled digital wallets, MoneyGram’s retail agent network, and Circle’s USD Coin (USDC).

The service provides cash users access to the world of cryptocurrency via any participating MoneyGram location, in a monumental step towards bridging the gap between physical and digital currencies.

The solution aims to further financial inclusion, creating fluidity between cash and crypto so more people can benefit from the digital economy. MoneyGram will offer this as a zero-fee service for the first 12 months.

Almost 2 billion people rely on cash for their livelihood

Alex Holmes, Chairman and CEO at MoneyGram, commented: “We’re thrilled to work alongside the Stellar Development Foundation on this important initiative to bring more opportunities to consumers around the world by making the worlds of crypto and local fiat currency compatible. At MoneyGram, we’re on a mission to deliver innovative financial solutions that connect the world’s communities, and the initial launch of this service is another important milestone on our journey. It’s especially exciting to launch this service ahead of schedule due to the strong collaboration of our technology teams, and we look forward to further collaboration with SDF as we work on uncovering new ways to utilize blockchain to further streamline cross-border payments.”

Denelle Dixon, CEO and Executive Director of the Stellar Development Foundation, said: “A much-needed solution to the cash-to-crypto on/off-ramp problem is here. Today, almost 2 billion people rely on cash for their livelihood, with no options to access the digital economy. At the same time, a persistent pain point for crypto-native users is off-ramping cryptocurrency quickly and reliably. The groundbreaking nature of this service is how it solves problems for a range of users with varying needs around the world.”

The innovation behind the global on/off-ramp service lies in the settlement process, which will occur in near-real-time using USDC to accelerate the collection of funds. Digital wallet users can move from cash to cryptocurrency, to cash again, without requiring a bank account or credit card.

Consumers can now go into a MoneyGram location to either load their digital wallets to access the digital economy, or cash-out their digital currencies to increase the utility of their holdings.

MoneyGram will expand access to the cash-in service into seven more countries by the end of June, at which point cash-out functionality will also be available globally, where permitted by law.

Read this next

Digital Assets

BlockDAG’s Presale Achieves $9.9M: Aiming For A 5000-Fold ROI As Cardano’s Price Rises And Fantom Launches Sonic

Explore Cardano’s surge, Sonic’s efficiency, and why BlockDAG’s growth makes it the top crypto choice. A deep dive into the future of blockchain investments.

Digital Assets

US, UK probe $20 billion Tether transfers tied to Russian exchange.

U.S. and UK authorities are investigating the movement of $20 billion in the USD-pegged stablecoin tether (USDT) through Moscow-based exchange Garantex.

Digital Assets

BlockDAG Presale Raises $9.9M as Batch 5 Nears Sell-Out Amid Bonk’s Fluctuating Trading Volume & Spell’s Bullish Price

Explore BONK’s trading volume, SPELL’s market shifts, and why BlockDAG’s 10,000 ROI makes it an ideal crypto for savvy investors in 2024.

Digital Assets

Bybit expands into Europe amid regulatory scrutiny

Dubai-based cryptocurrency exchange Bybit is expanding its operations in Europe after encountering regulatory challenges in Hong Kong.

Digital Assets

Cathie Wood’s sponsored Bitcoin ETF sees historic $200 million inflows

The ARK 21Shares Bitcoin ETF (ARKB), co-sponsored by Cathie Wood’s ARK Invest, registered historic inflows exceeding $200 million on Wednesday, signaling a robust appetite among investors for Bitcoin-centric investments.

Digital Assets

Sam Bankman-Fried might see his 25-year sentence halved

Sam Bankman-Fried, the founder of the failed cryptocurrency exchange FTX, was sentenced to 25 years in federal prison by a Manhattan court on Thursday. This comes after he was convicted of defrauding customers and investors, with Judge Lewis Kaplan highlighting the potential future risks posed by Bankman-Fried.

Technical Analysis

EURJPY Technical Analysis Report 28 March, 2024

EURJPY currency pair under the bearish pressure after the pair reversed down from the major resistance level 164.25, which also stopped the sharp weekly uptrend at the end of last year,

Digital Assets

BlockDAG’s Presale Hits $9.9M, MultiversX & MINA Price Predictions Show Green

Read about BlockDAG’s promising $10 prediction and insights on MultiversX Price Prediction as MINA’s potential unfolds.

Digital Assets

Rockstar Co-Founder and All-star Line Up Join Advisory Board to Take Metacade into Post Beta Orbit

Metacade, the revolutionary Web3 gaming platform, prepares to streak out of beta with a slew of ground-breaking initiatives that will redefine the way blockchain games are developed.

<