MoneyGram launches crypto-to-cash service in partnership with Stellar
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Answer MoneyGram launches crypto-to-cash service in partnership with Stellar
Dallas-based money transfer company MoneyGram has announced the launch of a crypto-to-cash service in partnership with the Stellar Development Foundation (SDF).
The service has been rolled out in several markets, including the Philippines and the United States, and is expected to launch in more countries by the end of the year.
Users will be able to convert fiat currencies, such as dollars or euros, into cryptocurrencies.
Ripple’s rival, Stellar, officially joined MoneyGram last October to pilot an instant cryptocurrency transfer into Circle’s stable dollar coin (USDC).
The second largest stablecoin pegged to the dollar was launched on the Stellar network in February 2021.Read:Cardano announces major updates and its deal with Tanzanian Telecom is still in progress
MoneyGram and Stiller began working on the joint venture last March.
Now that the service has been launched in several countries after months of testing, it is expected to boost financial inclusion in unbanked regions.
Ellipic, a blockchain analytics company, also announced that it has partnered with MoneyGram to provide the company with blockchain analytics solutions.
Denel Dixon, CEO of the Stellar Foundation, stressed that nearly two billion people have to use cash because they do not have access to the digital economy.
Earlier, “MoneyGram” had to cut its partnership with Ripple after the US Securities and Exchange Commission filed a case against Ripple in court.
MoneyGram has used Ripple’s On Demand Liquidity (ODL) solution for forex trading.Read:ApeCoin community approves $4.4 million bug bounty program
With more than 350,000 agent locations around the world, MoneyGram can give cryptocurrency adoption a much-needed boost in times like these.
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