Cryptocurrency and blockchain adoption is growing rapidly around the globe. To stay relevant in the market in such context, global fintechs are committed to expanding their services and bridging the gap between fiat and digital currencies.

On Tuesday, September 26, US financial services company MoneyGram announced plans to launch its digital wallet, which enables conversion to fiat currency, next year.

The wallet, which will officially debut in the first quarter of 2024, will enable consumers worldwide to leverage stablecoin technology to seamlessly switch between fiat and digital currencies or the other way around, all via Moneygram.

"Our vision to connect the world's communities, by empowering our customers through innovative financial solutions, takes another step forward today. [...] 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," said Alex Holmes, MoneyGram CEO.

The launch of Moneygram's crypto wallet is part of a partnership signed with the Stellar Development Foundation. The agreement became effective last year, with the launch of an initial service aimed at offering a bridge between cash and cryptocurrency.  The service has been extended to eight digital wallets on the Stellar blockchain, offering consumers the ability to make withdrawals in over 180 countries and cash-ins in more than 30 countries worldwide.

As such, the new non-custodial wallet will use the Stellar network and MoneyGram's fiat transfer services to facilitate instant transactions. It will be a “zero-fee service” until June 2024, redefining cross-border payments and giving MoneyGram customers new ways to send and receive money.

Samira Njoya