Payment processing giant MoneyGram is set to launch its own non-custodial crypto wallets, according to CEO Alex Holmes at the Stellar Development Foundation annual Meridian conference.
The non-custodial crypto wallet will be built on the Stellar network and released in Q1 2024. Developed in partnership with Cheesecake Labs, the wallet will utilize the Stellar network and MoneyGram’s fiat on and off-ramp services for instant transactions. It will be available at no cost until June 2024.
The wallet will enable users to leverage stablecoin technology for seamless transitions between fiat and digital currencies. Its primary focus is to strengthen MoneyGram’s expertise in cross-border remittance and payment settlements. Wallet users can also send digital assets to other users within the wallet.
MoneyGram wallet users will have the ability to cash out their assets at any partner MoneyGram facility, enhancing the utility of digital assets. Additionally, all wallet users will have access to MoneyGram’s global compliance screening tools, ensuring safer and more secure digital asset transactions.
MoneyGram has expanded its services over the years to cater to the digital asset market. In 2022, the company developed its own global fiat on and off-ramp service for digital wallets. Since then, it has expanded the service to eight digital wallets on the Stellar network, allowing consumers to cash out in 180+ countries and cash in 30+ countries worldwide.
Stellar, the partner for MoneyGram’s non-custodial wallet, is also a stakeholder in the remittance firm. The Stellar Development Foundation acquired a minority stake in MoneyGram in August, granting the foundation a seat on MoneyGram’s board of directors.
Cointelegraph tried to reach out to MoneyGram for further details, but has yet to receive a reply.
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