Payment processing giant MoneyGram CEO Alex Holmes announced at the Stellar Development Foundation’s annual Meridian conference that the company will launch its own non-custodial crypto wallet.
The non-custodial crypto wallet will be built on the Stellar network and will be available in the first quarter of 2024. Created in partnership with Cheesecake Labs, the wallet will use the Stellar network and MoneyGram’s fiat in and out services to facilitate instant transactions. There is no charge for use until June 2024.
The wallet will allow users to convert between fiat and digital currencies using stablecoin technology and is designed to strengthen the company’s focus on its core capabilities of cross-border remittances and payment settlement. Wallet users can also send digital assets to other users, the company said.
To make digital assets more useful, MoneyGram wallet users will be able to cash out their assets at any partner MoneyGram facility, the company said, adding that all wallet users will have access to its global compliance screening tools for greater security , make way for more convenient services. Secure digital asset trading.
In recent years, MoneyGram has expanded its service scope to the digital asset market, and in 2022 developed a global legal currency entry and exit service for digital wallets. Since its launch, the company has expanded its services to eight Stellar online digital wallets. The service allows consumers to withdraw cash in more than 180 countries and make cash deposits in more than 30 countries.
related: Stellar partners with UNHCR to provide cash to Ukrainian refugees via USDC
Stellar is MoneyGram’s non-custodial wallet partner and a stakeholder in the remittance company. Stellar Development Foundation acquired a minority stake in MoneyGram in August, giving the foundation a seat on MoneyGram’s board of directors.
Cointelegraph reached out to MoneyGram for more details but did not receive a response from the publication.
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