11/8/2023 0 Comments Stellar lumen partnership![]() With the immense opportunities in the cryptocurrency sector, it was important that the company position itself as one of the top money transfer platforms that can bridge both the fiat and crypto sectors.Īs mentioned earlier, MoneyGram had secured a previous deal with Ripple Labs. He also said that it was best to embrace Bitcoin because it seemed to be where the world was headed. “If a country like El Salvador is going to make Bitcoin seamless with US dollars in country, I think that consumers, through MoneyGram, should be able to transfer Bitcoin to El Salvador or transfer dollars and convert them top Bitcoin,” Holmes added. MoneyGram seeks deals with such companies to position itself as one of the top firms facilitating Bitcoin transfers. The wallet is widely used in El Salvador by both merchants and customers. When El Salvador adopted Bitcoin as legal tender in September last year, the government rolled out the Chivo wallet that could be used to hold the Bitcoin used for transactions. Holmes also added that MoneyGram was also holding talks with third-party firms that provide digital wallets in El Salvador. In a recent interview with Bloomberg, the CEO of MoneyGram, Alex Holmes, said that MoneyGram wanted to bridge the cryptocurrency sector and the fiat world. The recipients can later cash out the stablecoins for fiat currency using MoneyGram. With this new service, it will be possible for users of the Stellar wallet to send the USDC stablecoin to the intended recipients. MoneyGram is partnering with Stellar to create a money transfer platform based on stablecoins. MoneyGram to set up stablecoin transfer platform with Stellar Before working with Stellar, MoneyGram previously worked with Ripple but halted the partnership because of the lawsuit filed against Ripple and its executives by the United States Securities and Exchange Commission. MoneyGram and Stellar have been working together since last year. The deal involves creating a platform for stablecoins that will facilitate money transfers. MoneyGram International, one of the largest cross-border payment service providers globally, has announced a strategic deal with the Stellar blockchain. ![]()
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