Financial services provider MoneyGram announced on Tuesday its plans to launch its own non-custodial digital wallet in 2024. Set to debut in the first quarter of next year, the wallet will allow users to send Bitcoin and other digital currencies from one wallet to another and convert them back into fiat.
MoneyGram stated that the new wallet will leverage stablecoin technology to enable seamless transactions between users, redefine cross-border payments, and facilitate sending and receiving money in new and existing ways. The wire service providers also noted that the wallet would be created through a partnership with the Stellar Development Foundation (SDF).
“Our vision to connect the world’s communities by empowering our customers through innovative financial solutions takes another step forward today. Through the services we provide in partnership with SDF, MoneyGram has made strides to create equitable access to the global financial system, having become the single largest fiat on and off-ramo provider offering blockchain access worldwide,” MoneyGram CEO Alex Holmes stated.
MoneyGram to Leverage on Digital Payment
MoneyGram is looking to consolidate its partnership with SDF to dive into the ever-growing digital currency payment sector. The non-custodial wallet would allow users to transfer money from one address to another, MoneyGram stated.
In addition to that, MoneyGram would also allow customers to cash out their digital currency at any of its participating branches. MoneyGram revealed it would ensure wallet security by applying its “best-in-class global compliance screening capabilities” to wallet users.
Consolidating On and Off-Ramp Services
MoneyGram said the non-custodian product would use its on and off-ramp services integrated into the Stellar network. Cheesecake will build the digital wallet, and customers will use it for a zero-fee term until June 2024.
In 2022, MoneyGram launched an on and off-ramp service that allows users to buy, sell, and hold digital currencies. The product currently enables users to cash out digital currencies in 180+ countries and cash-in in 30+ countries around the globe.
