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MoneyGram, a global leader in money transfer, in partnership with the Stellar Development Foundation (SDF), have announced the initial rollout of a global on/off-ramp service for digital wallets to increase the utility of digital assets by creating a bridge between cash and cryptocurrencies.
The service is now available in a number of key remittance markets, including:
- Canada
- Kenya
- Philippines
- U.S.
The on/off-ramp service comes as a result of the partnership between the 2 organizations which was announced in October 2021.
According to Moneygram, this is just ‘for the first wave of users, with global cash-out functionality expected to be available by the end of June 2022.’
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The service is enabled by 3 technologies:
- Stellar blockchain and Stellar-enabled digital wallets
- MoneyGram’s retail agent network
- Circle’s USD Coin ($USDC) stablecoin
In a statement, MoneyGram said:
“This service is a monumental step towards bridging the gap between physical and digital currencies in a way that has not been done before at scale.
As it develops, this solution will pave the way for blockchain technology to further financial inclusion, creating fluidity between cash and crypto so more people can benefit from the digital economy.”
– MoneyGram
Moneygram hailed the services saying that the ‘settlement with MoneyGram will occur in near-real-time using USDC, enabling an accelerated collection of funds, improving efficiencies and reducing risks.’
With the launch of this service:
- Digital wallet users can now move seamlessly from cash to cryptocurrency, to cash again all without requiring a bank account or credit card
- Consumers can now go into a MoneyGram location to either load their digital wallets to access the digital economy, or cash-out their digital currencies to increase the utility of their holdings
To support adoption, MoneyGram will offer this as a zero-fee service for the first 12 months.
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