MoneyGram International, Inc. (“MoneyGram”), a global fintech leader, has announced plans to launch an innovative non-custodial digital wallet in early 2024, a revelation made by CEO Alex Holmes at the Stellar Development Foundation’s (“SDF”) annual Meridian conference.
This upcoming digital wallet is set to redefine global financial management, seamlessly connecting traditional fiat currencies with digital assets. It offers the convenience of cross-border transactions under the trusted MoneyGram brand.
Once launched, users will have the flexibility to convert digital assets into fiat currency at participating MoneyGram locations, enhancing the practicality of their holdings. The wallet will also facilitate effortless transfers of digital assets among users, with robust compliance screening tools ensuring adherence to regulations.
Alex Holmes, MoneyGram’s CEO, stated, “Our vision of connecting global communities and empowering customers through innovative financial solutions takes another significant step forward today. Through our partnership with SDF, MoneyGram has already made substantial progress in providing equitable access to the global financial system, becoming the largest fiat on and off-ramp provider offering blockchain access worldwide. The MoneyGram non-custodial digital wallet will advance this mission even further.”
As MoneyGram prepares to roll out the wallet in 2024, it plans to expand its capabilities, introducing new features that bridge international money transfers and blockchain payments.
MoneyGram announced plans to launch its own non-custodial digital wallet on stage at the @StellarOrg's 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… pic.twitter.com/kB848vsp9e
— MoneyGram (@MoneyGram) September 26, 2023
This initiative builds on MoneyGram’s 2022 launch of a global fiat on and off-ramp service for digital wallets, now available on the Stellar blockchain, facilitating cash-outs in over 180 countries and cash-ins in more than 30 countries.
The MoneyGram non-custodial digital wallet will be offered as a zero-fee service until June 2024, leveraging the Stellar network and integrating with MoneyGram’s fiat on and off-ramp services. The wallet’s development was a collaborative effort with Cheesecake Labs.
Holmes concluded, “As a global fintech, our blockchain endeavors represent just one facet of our broader vision for how MoneyGram services can play a more extensive role in the lives of consumers worldwide. We eagerly anticipate sharing more details in the months ahead.”
MoneyGram International, Inc. is a leading global financial technology company connecting communities worldwide. Its fintech offerings enable millions to send money, conduct cryptocurrency transactions, and access cash in over 135 currencies and multiple cryptocurrencies through a vast global cash distribution network. Recognized for its strong corporate culture, MoneyGram has received the Top Workplaces USA award for employee satisfaction and engagement.
