Moneygram Partners With Stellar to Launch Non-Custodial Digital Wallet
Moneygram has announced plans to launch a non-custodial digital wallet in the first quarter of 2024. This wallet will enable Moneygram customers to cash out their digital assets at any participating Moneygram location worldwide. It will also allow users to send digital assets to other wallet users. However, it’s worth noting that Moneygram will apply its compliance screening to all wallet users, which could raise concerns among privacy advocates.
Alex Holmes, CEO of Moneygram, expressed excitement about the new digital wallet, stating that it aligns with their vision to connect communities and empower customers through innovative financial solutions. The non-custodial wallet will be offered without fees until June 2024 and will utilize Stellar’s blockchain network while integrating with Moneygram’s existing fiat on- and off-ramps. Moneygram has plans to expand the wallet’s capabilities post-launch by introducing new features that further enhance global money transfers with blockchain payments.
This move follows Moneygram’s previous ventures into the crypto space. In June 2022, the company launched a USDC crypto-to-cash program, enabling users to cash out digital currencies. Later in November, Moneygram allowed customers to buy and sell cryptocurrencies directly within its money transfer app. The introduction of the non-custodial wallet is yet another step taken by Moneygram to increase accessibility to digital assets.
Hot Take: Moneygram Embraces Blockchain Technology
Moneygram’s partnership with Stellar and the upcoming launch of its non-custodial digital wallet demonstrate the company’s commitment to embracing blockchain technology. By leveraging Stellar’s blockchain network, Moneygram aims to provide its customers with convenient options for managing and utilizing their digital assets globally.
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