MoneyGram to launch non-custodial digital wallet in 2024
MoneyGram said its non-custodial digital wallet would offer a zero-fee service until June 2024.
Leading payments company MoneyGram will launch a non-custodial crypto wallet during the first quarter of next year. The company revealed this development at the Stellar (XLM) Development Foundation annual Meridian conference earlier today.
According to a Sept. 26 statement, the non-custodial digital wallet will leverage the Stellar network and MoneyGram’s fiat on and off-ramp services to revolutionize cross-border payments and allow customers to transact effortlessly with digital assets and fiat currencies.
Part of the statement reads:
“Once launched, wallet users will be able to visit any participating MoneyGram location to cash-out their digital assets to increase the utility of their holdings. Users will also be able to seamlessly send digital assets to other users in the wallet.”
MoneyGram revealed that transactions on the digital wallet would be free within the first six months of the year. This strategic decision incentivizes the wallet adoption and will help to attract a wider user base.
Meanwhile, MoneyGram said the wallet will implement the company’s global compliance screening tools for all users. This ensures that the wallet will enforce comprehensive “know-your-customer” (KYC) requirements to adhere to local regulatory mandates.
Last year, MoneyGram introduced a worldwide fiat on/off-ramp solution for digital wallets, effectively enhancing the practicality of digital assets by establishing a connection between traditional and digital currencies. This offering has experienced notable adoption, affording users the flexibility to withdraw funds in over 180 countries and deposit in more than 30 countries across the globe.
Alex Holmes, MoneyGram CEO, said the launch of this digital wallet builds on this product as it would cement the company as “the single largest fiat on and off-ramp provider offering blockchain access worldwide.” Holmes added:
“The work we’re doing on the blockchain is one of the many ways we’re thinking differently about how MoneyGram’s services can play a broader role in the lives of consumers globally.”
Cheesecake Labs built the digital wallet in partnership with MoneyGram.