The non-custodial wallet will continue MoneyGram’s remittance focus allowing users to easily convert their digital assets to fiat.
Payment processing giant MoneyGram is all set to launch its own non-custodial crypto wallets, the company’s chief executive officer, Alex Holmes, announced during the Stellar Development Foundation annual Meridian conference.
The non-custodial crypto wallet will be built on the Stellar network and hit the market in the first quarter of 2024. The wallet was created in partnership with the Cheesecake Labs, and will make use of the Stellar network and MoneyGram's fiat on and off-ramp services to facilitate instant transactions. There will be no charge to use it until June 2024.
The wallet will allow users to leverage stablecoin technology to move between fiat and digital currencies, and is intended to strengthen the company's focus on its core competence of cross-border remittance and payment settlements. Wallet users will be able to send digital assets to other users within the wallet as well, the company said.
In order to make the 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 to make way for safer and more secure digital assets transactions.
MoneyGram over the years has expanded its services to incorporate the digital asset market and developed its own global fiat on and off-ramp service for digital wallets in 2022. Since the launch of its digital asset-fiat on/off-ramp services the company has expanded the service to eight digital wallets on the Stellar network. The services allow consumers to cash out in 180+ countries and cash in 30+ countries around the world.
Related: Stellar partners with UNHCR to give Ukrainian refugees cash via USDC
Stellar, the MoneyGram partner for its non-custodial wallet is also a stakeholder in the remittance firm. The Stellar Development Foundation acquired a minority stake in MoneyGram in August earlier this year giving the foundation a seat on MoneyGram’s board of directors.
Cointelegraph reached out to MoneyGram for further details, but hasn't yet received a reply.
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