MoneyGram’s Foray into the Digital Frontier: Unveils Non-custodial Wallet

MoneyGram’s Foray into the Digital Frontier: Unveils Non-custodial Wallet

MoneyGram International, Inc. has announced plans to launch
a non-custodial digital wallet. Slated for release in the first quarter of
2024, this wallet aims to enhance cross-border payments. It offers consumers a
bridge between fiat and digital currencies.

This announcement came during MoneyGram’s Chief Executive
Officer, Alex Holmes’, presentation at the Stellar Development Foundation
annual Meridian conference.

MoneyGram Eyes Blockchain Technology

Holmes stated: „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.”

„As a global fintech, the work we’re doing on the
blockchain is one of the many ways we’re thinking differently about how
MoneyGram’s services can play a broader role in the lives of consumers
globally. We’re excited to continue to share more in the coming months.”

Building upon its global fiat on and off-ramp service for
digital wallets launched in 2022, MoneyGram has connected users to the utility
of digital assets by bridging the gap between fiat and digital currencies. This
service has expanded to eight digital wallets on the Stellar blockchain. It
enables consumers to cash out in over 180 countries and cash in in more than 30
countries worldwide.

Stellar, a cross-border crypto payments network, announced
its partnership with MoneyGram International in 2021. The SDF, through its
cash treasury, became a minority investor in MoneyGram. However, the exact
investment amount remains undisclosed.

Embracing the Digital Space

A significant milestone in MoneyGram’s fintech journey is
its collaboration with blockchain technology startup Ripple. This partnership
aims to enhance the efficiency of cross-border payments through Ripple’s
blockchain-based solutions.

MoneyGram’s foray
into the digital industry includes the adoption of online platforms and
mobile apps for remittance services. Customers can use the platform to send
money online, leveraging the convenience of smartphones and internet
connectivity.

The Dallas, Texas-based firm uses blockchain technology
to expedite processes, enhance transparency, and bolster security. This extends
to multiple aspects of its operations, including compliance, data management,
customer experience, and partnerships.

The company made waves in 2022 with the launch a global fiat
on and off-ramp service for digital wallets. This service aimed to enhance the
utility of digital currencies by establishing a vital link between fiat and
digital realms.

This article was written by Jared Kirui at www.financemagnates.com.

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