MoneyGram to Launch Non-Custodial Digital Wallet by Q1 2024
MoneyGram International, a leading financial technology company, has recently announced plans to launch a non-custodial digital wallet in the first quarter of 2024. This new initiative aims to provide users with secure storage and management of their digital assets, empowering consumers to utilize stablecoin technology for seamless transitions between traditional fiat currencies and digital currencies.
Revolutionizing Cross-Border Payments
During the Stellar Development Foundation’s annual Meridian conference, MoneyGram CEO Alex Holmes unveiled this groundbreaking announcement. Holmes emphasized the transformative potential of the digital wallet in revolutionizing cross-border payments.
“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-ramp provider offering blockchain access worldwide.”
Holmes further stated:
“The MoneyGram non-custodial digital wallet advances this mission even further. We’re thrilled to have the vision, strategic plans, innovative technology, and expansive retail network in place to continue offering consumers access to the digital economy, but now further backed by our global reputation for speed, efficiency, and trust.”
Convertible and Transferable Digital Assets
Once activated, users can visit any MoneyGram location supporting the service to convert their digital assets into cash, expanding the functionality of their holdings. Additionally, they can easily transfer digital assets to other users with wallets. Notably, MoneyGram’s advanced global compliance screening is implemented for all users.
MoneyGram’s digital wallet will be offered as a free service until June 2024. Powered by the efficient Stellar network, it seamlessly integrates with MoneyGram’s fiat on and off-ramp services connected to the Stellar network. This user-friendly wallet was developed through a collaboration between Cheesecake Labs and MoneyGram.
Hot Take: MoneyGram Empowers Users with Non-Custodial Digital Wallet
MoneyGram International is set to revolutionize cross-border payments with its upcoming non-custodial digital wallet. The wallet will provide secure storage and management of digital assets, allowing users to seamlessly transition between fiat currencies and digital currencies using stablecoin technology. MoneyGram CEO Alex Holmes emphasized the company’s commitment to empowering customers and creating equitable access to the global financial system.
The wallet offers the convenience of converting digital assets into cash at MoneyGram locations and easy transfers between users. With advanced compliance screening and integration with the Stellar network, MoneyGram’s digital wallet ensures efficiency, trust, and accessibility for users. The collaboration between Cheesecake Labs and MoneyGram has resulted in a user-friendly solution that will be available as a free service until June 2024.
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