MoneyGram started to cash out cryptocurrency at its branches

The service was launched in conjunction with the Stellar blockchain, so only tokens created on this network are subject to exchange

12.06.2022 - 07:30

355

2 min

What’s new? MoneyGram, a P2P payment service provider, has started to cash out cryptocurrency at its branches. The service is launched in conjunction with the Stellar blockchain, so only tokens created on this network are subject to exchange. The process does not require a bank account or card, only a digital wallet is needed for this. Settlements are done using the USD Coin (USDC) stablecoin.

Stellar’s press release

More details about the new feature. In the first stage of the project, cryptocurrency cashing out is available at MoneyGram offices located in the US, Canada, Kenya, and the Philippines. The full launch of the service will take place at the end of June 2022.

Denelle Dixon, Executive Director of the Stellar Development Foundation, noted that currently about 2 billion people do not have access to the digital economy and have to use only cash in their daily lives. Whereas for people using cryptocurrencies, a quick and reliable withdrawal of assets into fiat money is a problem. She added that the new service will solve problems for a wide range of users with a variety of needs. MoneyGram has almost 150 million customers worldwide.

Stellar (XLM) is a decentralized peer-to-peer (P2P) payment protocol for currency exchange and transactions, using smart contracts and multi-signatures. The platform is compatible with various financial systems, including banking systems. The network has the native token XLM and as of June 11, 12:40 UTC, it is trading at $0,127, according to Binance.

MoneyGram had previously partnered with Stellar. In a previous project, the companies implemented a feature to exchange stablecoins for fiat currency. MoneyGram also uses blockchain network tools to speed up money transfers and improve settlement processes.

Author: