MoneyGram, a prominent payment processing company, is preparing to launch its very own noncustodial cryptocurrency wallet, as unveiled by the company’s CEO, Alex Holmes, during the Stellar Development Foundation’s annual Meridian conference.
Scheduled for release in the first quarter of 2024, this noncustodial cryptocurrency wallet will be constructed on the Stellar network. It has been developed in collaboration with Cheesecake Labs and will utilize both the Stellar network and MoneyGram’s fiat on and off-ramp services to facilitate instantaneous transactions. Users will be able to utilize the wallet without incurring any fees until June 2024.
This wallet is designed to empower users to harness stablecoin technology for seamless conversions between traditional fiat currencies and digital cryptocurrencies. It underscores MoneyGram’s commitment to its core expertise in cross-border remittances and payment settlements. Additionally, users of the wallet will be able to send digital assets to other users.
To enhance the utility of digital assets, MoneyGram wallet users will have the option to convert their assets into cash at any partnered MoneyGram facility. The company emphasizes that all wallet users will have access to its global compliance screening tools to ensure safer and more secure digital asset transactions.
In recent years, MoneyGram has expanded its services to include the digital asset market and introduced its global fiat on and off-ramp service for digital wallets in 2022. Since its inception, the company has extended its services to encompass eight Stellar network digital wallets. These services enable consumers to withdraw funds in over 180 countries and make cash deposits in more than 30 countries.
Stellar, MoneyGram’s partner in developing its noncustodial wallet, also holds a stake in the remittance firm. In August, the Stellar Development Foundation acquired a minority stake in MoneyGram, securing a seat on MoneyGram’s board of directors.