MoneyGram to launch its own non-custodial digital wallet

Wednesday 27 September 2023 08:48 CET | News

Fintech MoneyGram has planned to launch a non-custodial digital wallet for global users to easily convert between fiat and digital currencies using stablecoin technology.


Fintech MoneyGram has planned to launch a non-custodial digital wallet for global users to easily convert between fiat and digital currencies using stablecoin technology.

MoneyGram’s non-custodial digital wallet will redefine cross-border payments and enable customers to send and receive money in new ways. Once launched, wallet users will be able to visit any participating MoneyGram location to cash-out their digital assets to increase the utility of their holdings. Users will also be able to send digital assets to other users in the wallet. Importantly, and unique to the industry, MoneyGram will apply its global compliance screening capabilities to all wallet users.

Company officials said their vision to connect the world's communities, by empowering customers through innovative financial solutions, takes another step forward. Through the services they provide in partnership with SDF, MoneyGram has made strides to create equitable access to the global financial system, having become one of the largest fiat on and off-ramp providers offering blockchain access worldwide.

As MoneyGram rolls out the wallet in 2024, they will introduce new features within the app that will help further bridge the worlds of international money transfers and blockchain payments.

Building on the company's global fiat on and off-ramp service

In 2022, MoneyGram launched a first-of-its-kind global fiat on and off-ramp service for digital wallets to increase the utility of digital assets by creating a bridge between fiat and digital currencies. Since launch, the company has expanded the service to eight digital wallets on the Stellar blockchain, providing consumers the ability to cash-out in 180+ countries and cash-in in 30+ countries around the world.

The MoneyGram non-custodial digital wallet – which will be offered as a zero-fee service until June 2024 – will leverage the Stellar network and MoneyGram's fiat on and off-ramp services integrated with the Stellar network. The wallet was built by Cheesecake Labs in partnership with MoneyGram.

More information about MoneyGram

MoneyGram is a global financial technology company that connects the world's communities. Through its expansive set of fintech offerings, MoneyGram provides millions of consumers annually the ability to seamlessly send money home to family and friends, and buy, sell, and hold cryptocurrencies on its industry-leading app.

The company's innovative cross-border platform enables its customers to send funds directly into bank accounts and mobile wallets or cash-in and cash-out more than 135 currencies and numerous cryptocurrencies through one of the largest cash distribution networks in the world. Modern, mobile, and API-driven, MoneyGram's white-labelled remittance service also provides brands and organisations the ability to disburse funds directly to their clients.

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Keywords: digital wallet, stablecoin, digital assets, cross-border payments, product launch, API, blockchain
Categories: DeFi & Crypto & Web3
Companies: MoneyGram
Countries: World
This article is part of category

DeFi & Crypto & Web3


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