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MoneyGram to launch non-custodial digital wallet

Source: MoneyGram

MoneyGram International, Inc. (“MoneyGram” or the “Company”), a leading global financial technology company that connects the world’s communities, today announced plans to launch its own non-custodial digital wallet on stage at the Stellar Development Foundation (“SDF”) annual Meridian conference.

The wallet, which will officially debut in Q1 2024, will enable consumers around the world to leverage stablecoin technology to seamlessly move from fiat to digital currency, to fiat again — all with the same global brand they trust.

Introducing the MoneyGram Non-Custodial Digital Wallet

The Company’s non-custodial digital wallet will redefine cross-border payments and enable MoneyGram customers to send and receive money in new and exciting ways.

Once launched, wallet users will be able to visit any participating MoneyGram location to cash-out their digital assets to increase the utility of their holdings. Users will also be able to seamlessly send digital assets to other users in the wallet. Importantly, and unique to the industry, MoneyGram will apply its best-in-class global compliance screening capabilities to all wallet users.

“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 worldwide1,” shared Alex Holmes, MoneyGram Chief Executive Officer.

“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.”

As the Company rolls out the wallet next year, MoneyGram will expand the wallet’s capabilities and introduce new features within the app that will help further bridge the worlds of international money transfers and blockchain payments.

Building on the Company’s Global Fiat On and Off-Ramp Service

In 2022, MoneyGram launched a first-of-its-kind global fiat on and off-ramp service for digital wallets to increase the utility of digital assets by creating a bridge between fiat and digital currencies. Since launch, the Company has expanded the service to eight digital wallets on the Stellar blockchain, providing consumers the ability to cash-out in 180+ countries and cash-in in 30+ countries around the world.

The MoneyGram non-custodial digital wallet - which will be offered as a zero-fee service until June 2024 - will leverage the Stellar network and MoneyGram’s fiat on and off-ramp services integrated with the Stellar network. The wallet was built by Cheesecake Labs in partnership with MoneyGram.

Holmes concluded: “As a global fintech, the work we’re doing on the blockchain is one of the many ways we’re thinking differently about how MoneyGram’s services can play a broader role in the lives of consumers globally. We’re excited to continue to share more in the coming months.”

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