MoneyGram has partnered with the Stellar Development Foundation to leverage blockchain to provide services that allow users to seamlessly send stablecoins and convert them flat. Bloomberg News report..
Once the service is up and running, users with wallets on the Stellar network will be able to convert the cipher to Circle’s USD coins (USDC). You can then cash out Stablecoin via the MoneyGram network.
MoneyGram CEO Alex Holmes shared the development in a recent interview with the press. He said the world of cryptocurrencies and flats is currently incompatible. To address this issue, the company aims to implement a solution that connects the two worlds.
Cryptography is the future
Despite the recent plunge in the crypto market, Holmes said the early industry “stays here.”
For this purpose, he believes it is important to embrace the sector and help bring it mainstream. MoneyGram is in a position to help drive the adoption of cryptocurrencies by partnering with the Stellar Development Foundation.
This partnership could help Moneygram further drive adoption in the emerging markets in which it operates.according to World BankRemittances in low- and middle-income countries could reach $ 630 billion in 2022. Rapid growth offers great opportunities for MoneyGram’s services.
Denelle Dixon, CEO of Stellar, told Bloomberg News:
“There are billions of people around the world who rely on cash to benefit from digital assets and the utilities provided by blockchain. The answer is that we are building through this partnership. , A service that supports the transition from cash to digital assets. “
Traditional money transfer companies are increasingly turning to encryption and blockchain technology to improve their services.
Last year, Japanese companies SBI Remit and Hamamatsu Iwata Credit Bank announced that they would start using Ripple Net and XRP (XRP) for remittances.
