MoneyGram plans to launch non-custodial digital wallet
MoneyGram International, Inc today announced plans to launch its own non-custodial digital wallet on stage at the Stellar Development Foundation annual Meridian conference.
The wallet, which will officially debut in Q1 2024, will enable consumers around the world to leverage stablecoin technology to seamlessly move from fiat to digital currency, to fiat again.
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 seamlessly send digital assets to other users in the wallet. Importantly, and unique to the industry, MoneyGram will apply its best-in-class global compliance screening capabilities to all wallet users.
As the Company rolls out the wallet next year, MoneyGram will expand the wallet’s capabilities and introduce new features within the app that will help further bridge the worlds of international money transfers and blockchain payments.
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.