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Cryptoknowmics 2022-06-11 09:21:12

MoneyGram Launches Crypto-to-Fiat Service on Stellar Blockchain

Money transfer company MoneyGram has announced the roll-out of a crypto-to-cash service in partnership with the Stellar Development Foundation (SDF), a non-profit that develops the Stellar blockchain. MoneyGram Launches Stellar-Based Service According to a Friday announcement, MoneyGram is launching an on-and-off-ramp service for crypto wallets on the Stellar network. It will be initially rolled out in a few select markets including Canada, Kenya, the Philippines, and the US, and is expected to launch in more countries by the end of the year. Today, @MoneyGram and SDF announced the rollout of a pioneering global crypto-to-cash service on the Stellar network. The live service allows users to convert cash to and from crypto at participating MoneyGram locations. https://t.co/82FMNDypjA — Stellar (@StellarOrg) June 10, 2022 The service will make it easy for digital wallets to move between fiat to cryptocurrency to fiat again, without needing a bank account or credit card, with the help of Circle’s USDC stablecoin. More custodial and non-custodial wallets will be added to the service soon, but for now, Stellar-based crypto wallets Vibrat and Lobstr can access the service. MoneyGram said it is offering the service with no fees for the first 12 months to boost adoption. Denelle Dixon, the CEO and Executive Director of the Stellar Development Foundation commented, “Today, almost 2 billion people rely on cash for their livelihood, with...

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