MoneyGram International Inc., a frontrunner in the fintech sector, revealed its intentions to introduce a non-custodial digital wallet. Slated for an official launch in the first quarter of 2024, this initiative is a joint venture with the Stellar Development Foundation (SDF). The wallet aims to revolutionize the way MoneyGram’s global customer base sends and receives funds by integrating stablecoin technology.
Expanding utility and compliance
Once the wallet becomes operational, users will have the option to convert their digital assets into fiat currency at any participating MoneyGram outlet. Additionally, the wallet will facilitate the transfer of digital assets between its users. In a move that sets it apart in the industry, MoneyGram will implement its top-tier global compliance screening procedures for all users of this new digital wallet.
The wallet is part of MoneyGram’s broader mission to provide equitable access to the global financial system. “Our partnership with SDF is a significant milestone in our journey to empower customers with innovative financial solutions,” said Alex Holmes, CEO of MoneyGram. “This digital wallet is an extension of our commitment to speed, efficiency, and trust.”
As the wallet’s capabilities continue to evolve, MoneyGram plans to roll out additional features within the app. These updates aim to further connect the realms of traditional international money transfers and blockchain-based payments.
In the previous year, MoneyGram had already initiated a unique global fiat on and off-ramp service for digital wallets. This service has since extended to eight digital wallets on the Stellar blockchain, enabling consumers to cash out in over 180 countries and cash in across more than 30 countries globally.
The upcoming non-custodial digital wallet will operate on the Stellar network and will integrate MoneyGram’s existing fiat on and off-ramp services. Developed in partnership with Cheesecake Labs, the wallet will be available as a zero-fee service until June 2024.
Holmes concluded, “Our work on the blockchain is just one of the many innovative approaches we’re taking to expand MoneyGram’s services. We look forward to sharing more developments in the coming months.”