MoneyGram To Open Transfer Platform With Stellar

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Alex Holmes who is the CEO of MoneyGram has stated the company’s desire to serve as a link between the cryptocurrency and fiat currency sectors.

A major international money transfer company, MoneyGram International, is working with Stellar to develop a platform on stablecoins for international monetary transactions. Stellar wallet owners may now transfer Circle’s USDC to their friends and family, who can then exchange it for traditional money through MoneyGram.

“We’re attempting to be a bridge from the crypto world to the fiat world,” Alex Holmes stated in the interview.

In addition to the government-backed Chivo wallets, which were launched when Bitcoin (BTC) became legal cash in El Salvador last year, Holmes also stated that the business is in discussions with third-party companies that supply digital wallets in the nation. Making a partnership with one of these firms would put it on same footing with its rivals when it comes to Bitcoin transactions.

According to Holmes’s comments to Bloomberg, users should be able to send BTC to El Salvador or send dollars and convert them to Bitcoin using MoneyGram if the nation is going to make Bitcoin seamless with US dollars in the country. If that’s the direction humanity is heading, then we may as well get in on it and see if we can make a difference.

MoneyGram’s Previous Deal With RippleLabs

Ripple Labs, a former stockholder in substantial amounts, was party to a prior agreement with the firm. Before the United States Securities and Exchange Commission could complete its case against Ripple in March 2021, the two companies cut connections. In March 2021, the corporation filed a class action lawsuit against the payment provider Ripple due to its partnership with the company.

In November of the same year (2021), a test program combining the services of MoneyGram and Stellar was released. That summer, rumors spread that Stellar was eyeing a takeover opportunity.