MoneyGram, a global leader in the evolution of digital P2P payments, and the Stellar Development Foundation (SDF), a non-profit organization that supports the development and growth of Stellar, an open-source public blockchain that allows money to be tokenized and transferred globally, today announced the launch of a first-of-its-kind global on/off-ramp service for digital wallets. The service, which is a result of MoneyGram and SDF’s partnership announced in October 2021, is now available for the first wave of users in several key remittance markets, including Canada, Kenya, the Philippines, and the United States, with global cash-out functionality expected by the end of June 2022.
This service is a significant step in bridging the gap between physical and digital currencies in a way that has never been done at a scale previously. MoneyGram will offer this service for free for the first 12 months to encourage adoption.
“We’re thrilled to work alongside the Stellar Development Foundation on this important initiative to bring more opportunities to consumers around the world by making the worlds of crypto and local fiat currency compatible,” said Alex Holmes, MoneyGram Chairman, and CEO.
For the first time, MoneyGram will settle in USDC, one of the world’s fastest-growing dollar digital currencies, in near-real-time. This allows for faster fund collection while also enhancing efficiencies and lowering risks.
“A much-needed solution to the cash-to-crypto on/off-ramp problem is here,” said Denelle Dixon, CEO and Executive Director of the Stellar Development Foundation. “Today, almost 2 billion people rely on cash for their livelihood, with no option to access the digital economy.” At the same time, a persistent pain point for crypto-native users is off-ramping cryptocurrency quickly and reliably. The groundbreaking nature of this service is how it solves problems for a range of users with varying needs around the world.”
Users of digital wallets can now move seamlessly from cash to cryptocurrencies and back to cash, all without the need for a bank account or credit card, thanks to the advent of this service.
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