MoneyGram partners with Stellar to allow users to exchange USDC and will launch a service that allows the users to send and convert the stablecoins into fiat so let’s read more today in our latest Stellar news.
MoneyGram partners with Stellar Development Foundation to launch the new service which will let users send and convert stablecoins into fiat currencies. The company is partnering with Stellar Development to leverage the blockchain and roll out a service that allows users to send and convert stable coins into fiat.
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Once the service goes live, the users with wallets on the network will be able to convert their crypto in Circle’s USDC and they can cash out the stablecoin via the MoneyGram services.
Moneygram CEO Alex Holmes shared the development and he said that the crypto and fiat worlds are now incompatible so to help address this issue, the company will look to introduce a solution that will connect both worlds. Despite from the recent market crash, Holmes said the industry is here to stay. To this end, he thinks it is vital to embrace the sector and make it mainstream so by partnering with the foundation, Moneygram is in a position to help boost the adoption of crypto. The partnership can help further push adoption in emerging markets where the company operates. According to the World Bank, remittances in low and middle-income countries can rise to $630 billion in 2022, and this huge growth creates a huge opportunity for the MoneyGram service. Stellar CEO Denelle Dixon added:
“There are billions of cash-dependent people globally who could benefit from the utility that digital assets and blockchain provide. The answer is what we’re building through this partnership — a service for helping them go from cash to digital assets.”
The traditional remittance companies are turning to crypto and blockchain technologies and improving their services. In the past year, the Japanese companies Hamamatsu Iwata and SBI Remit announced they will start using RippleNet and XRP for remittance services.
As recently reported, One of the biggest reasons investors are flocking into crypto is the huge potential the space has. While the institutional investors are dominating the space, it seems they continued to do the same at the start of 2022. The latest institutional investor to enter the crypto space is Moneygram International which invested in crypto AMT operator Coinme.
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