MoneyGram and Stellar to launch cryptocurrency cashing service

Home / MoneyGram and Stellar to launch cryptocurrency cashing service

Payments firm MoneyGram, is launching a service that will allow to cash out cryptocurrencies in the company’s branches.
MoneyGram customers will be able to easily convert digital currencies into fiat and vice versa, without having a bank account or card.
The project is developed in partnership with the Stellar Development Foundation.
Users in Canada, Kenya, the Philippines and the U.S. will first have access to the service. The company said it focused on those regions because they are major remittance markets.

The service will be fully launched by the end of June 2022.
Settlement will take place using USDC stabelcoin.
“Today, nearly 2 billion people depend on cash without access to the digital economy. At the same time, a constant challenge for cryptocurrency users is to withdraw their digital assets quickly and reliably. The innovation of this service is that it solves problems for a range of users with different needs around the world,” said Stellar Development Foundation CEO Denelle Dixon.

The company also said that different wallets will soon be integrated into the service. At the moment, the service will be available to users of digital wallets Vibrat and Lobstr, which are connected to Stellar.

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