Stellar’s Network Will Support MoneyGram’s Crypto-to-Cash Service

Stellar’s network will support Moneygram’s Crypto-to-cash service as they enhanced their cooperation so let’s read more today in our latest Stellar news.

The payment company started the deployment of the crypto to cash services on the blockchain and the product will operate as the first of its kind service. The crypto-to-cash bridge is available in several remittance markets in the Philippines, the US, Kenya, and Canada. MoneyGram expects the Stellar service to be expanded to other 7 countries by the end of June. The Crypto cash services are aimed to provide people with access to digital assets and to improve the customers’ experience in sending and receiving remittances. In order to achieve the objective, the service will be supported by the USDC coin.

The partners expect users to be able to use crypto for new use cases and remove friction from the process of exchanging fiat for crypto and also increase financial inclusion while reducing costs from the process of sending cross-border transactions. This process will be settled with low costs and high accessibility, in other words, the users will be able to send US dollars and USDC via  MoneyGram and other users will receive it in real-time.

The partners think this will facilitate and will speed up the collection of funds and improve the efficiency of the process while reducing risks. The users will not be required to own a bank account or credit card and the funds will be held in a digital wallet with the capacity to load or cash out. The Moneygram Chairman Alex Holmes said:

“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.”

Stellar’s network will be able to benefit from this service as users connected to the blockchain can also access the selected retail locations. CEO and Director at the Stellar Development Foundation Denelle Dixon added:

“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 inclusively it solves problems for a range of users with varying needs around the world.”