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MoneyGram set to introduce noncustodial cryptocurrency wallets by the first quarter of 2024.
Payment processing leader MoneyGram is preparing to introduce its own noncustodial cryptocurrency wallet, as announced by the company’s CEO, Alex Holmes, at the Stellar Development Foundation’s annual Meridian conference.
The noncustodial cryptocurrency wallet will be developed on the Stellar network and is expected to launch in the first quarter of 2024. This wallet is a collaborative effort with Cheesecake Labs and will utilize the Stellar network along with MoneyGram’s fiat on and off-ramp services to enable immediate transactions. There will be no fees associated with its use until June 2024.
The wallet will enable users to utilize stablecoin technology for transactions between fiat and digital currencies, reinforcing the company’s emphasis on its primary expertise in cross-border remittances and payment settlements. Users of the wallet will also have the capability to send digital assets to other users, according to the company.
To enhance the utility of digital assets, MoneyGram wallet users will have the option to cash out their assets at any affiliated MoneyGram location. The company also noted that all wallet users will benefit from its global compliance screening tools, facilitating safer and more secure transactions involving digital assets.
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In recent years, MoneyGram has broadened its offerings to include the digital asset sector and launched its global fiat on and off-ramp service for digital wallets in 2022. Since its inception, the company has extended its services to eight digital wallets on the Stellar network. These services enable consumers to cash out in over 180 countries and make cash deposits in more than 30 countries.
Related: Stellar partners with UNHCR to provide cash to Ukrainian refugees via USDC
Stellar, the partner for MoneyGram’s noncustodial wallet, is also an investor in the remittance company. The Stellar Development Foundation acquired a minority interest in MoneyGram in August, which granted the foundation a position on MoneyGram’s board of directors.
Cointelegraph contacted MoneyGram for additional information but did not receive a response by the time of publication.
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