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MoneyGram International, a global leader in financial technology, has recently announced its intention to launch a non-custodial digital wallet by the first quarter of 2024.
Revolutionising cross-border payments
This innovative initiative aims to provide users with advanced secure storage and management of their digital assets. MoneyGram’s move also seeks to empower consumers to use stablecoin technology, facilitating a seamless transition between traditional fiat currencies and digital currencies.
During the Stellar Development Foundation’s annual Meridian conference, MoneyGram CEO Alex Holmes unveiled a groundbreaking announcement. He highlighted the transformative potential of this digital wallet in revolutionising cross-border payments.
Holmes stated, “Our vision to connect the world’s communities, by empowering our customers through innovative financial solutions, takes another step forward today. Through the services we provide in partnership with SDF, MoneyGram has made strides to create equitable access to the global financial system, having become the single largest fiat on and off-ramp provider offering blockchain access worldwide
“The MoneyGram non-custodial digital wallet advances this mission even further. We’re thrilled to have the vision, strategic plans, innovative technology and expansive retail network in place to continue offering consumers access to the digital economy, but now further backed by our global reputation for speed, efficiency and trust.”
Convertible and transferable digital assets
After activation, users can visit any MoneyGram location that supports the service to convert their digital assets into cash, expanding the functionality of their holdings. Furthermore, they can easily transfer digital assets to other users with wallets. An outstanding feature of this wallet is MoneyGram’s implementation of its advanced global compliance screening for all users.
MoneyGram’s digital wallet will be offered as a free service until June 2024. Powered by the efficient Stellar network, it seamlessly integrates with MoneyGram’s fiat on and off-ramp services connected to the Stellar network. This user-friendly wallet was developed through a collaboration between Cheesecake Labs and MoneyGram.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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