Why MoneyGram Launched a Bankless Cost Technique on Stellar – NewsBTC

Advertisements

Payment giant MoneyGram International continues to cement its partnership with the Stellar ecosystem. In an official mail, the company announced a new phase in their collaboration by launching a live deposit and withdrawal pilot initiative in the United States.

Related reading | Stellar is introducing a new Europe-Africa payment corridor with this partner

After MoneyGram ended its relationship with payment solutions company Ripple due to the US SEC lawsuit against its executives, MoneyGram entered into a partnership with the Stellar Development Foundation. In just under 2 months, partners have taken important steps to improve the company’s payment processing capabilities.

According to MoneyGram, their latest pilot initiative has enabled them to deliver “one of the fastest, most seamless integrations ever”. Effective immediately, participants in the US can make dollar deposits into their wallets at certain MoneyGram facilities and use the Stellar-based USDC coin (USDC) to send instant payments overseas.

In addition, attendees can convert Stellar USDC into “any supported cash currency” on MoneyGram. The official post claims:

With Stellar, MoneyGram enables consumers to seamlessly convert USDC to cash or cash to USDC – all without the need for a bank account. With USDC being the fastest growing digital dollar currency in the world, the utility and liquidity of this versatile digital asset will only increase as more wallets and companies join the Stellar ecosystem

The company added that this program made MoneyGram’s payment processing “instant” for the first time since its inception. The company believes that this will allow consumers to benefit from greater payment efficiency, lower risk, and faster cash collection.

Unlike its competitor, MoneyGram believes that cash as a tool for the unbaked will be a part of the future. With this in mind, they are trying to create alternatives to cash and expand access to financial opportunities for everyone.

How does the MoneyGram and Stellar Pilot solution work?

According to the post, MoneyGram used Stellar’s resources and documentation for its developer kits and its “well-designed set” of ecosystem protocols (SEPs) with various APIs to create its pilot solution.

Related reading | How Stellar’s $ 40 Million Investment in Tala Will Bring Million Access To Financial Services

Jake Urban, Senior Software Engineer at the Stellar Development Foundation, is expected to be publicly available in 2021. The company said:

By integrating with Stellar, MoneyGram is providing its millions of users with a local fiat entry point to the blockchain and providing those in emerging markets with easier access to digital assets than ever before. This pilot is just the first of many steps to bring better access to the global financial system for everyone, regardless of where they are.

At press time, XLM is trading at $ 0.32, down 6% on the daily chart.

XLLM on a downtrend on the daily chart. Source: XLMUSDT Tradingview


Share post on

Sonic BTC is reader-supported. When you buy through links on our site, we may earn an affiliate commission.

Rundown of New Casino Sites in the USA: Our Picks for the Best New Online Casinos – HeraldScotland Stellar

Rundown of New Casino Sites in the USA: Our Picks for the Best New Online Casinos – HeraldScotland

The latest online slots, super-valuable bonuses, exclusive games, and so much more are available at...

By wpadminsonic164
Bear Market Bargains: How Mushe Token (XMU) Compares to Stellar (XLM) and Ethereum (ETH) – Crypto Mode Stellar

Bear Market Bargains: How Mushe Token (XMU) Compares to Stellar (XLM) and Ethereum (ETH) – Crypto Mode

Whilst some crypto holders are lamenting the current bear market, many diligent investors are...

By wpadminsonic164
Calyx Token (CLX), Stellar (XLM) and Cosmos (ATOM) – 3 Cryptos Likely to Rise in 2023 – NewsBTC Stellar

Calyx Token (CLX), Stellar (XLM) and Cosmos (ATOM) – 3 Cryptos Likely to Rise in 2023 – NewsBTC

Bitcoin (BTC) captured the world's attention in 2017 when its price surged from $1,000...

By wpadminsonic164
FIFA 22 Ultimate TOTS: Release date and expectations – CharlieINTEL.com Stellar

FIFA 22 Ultimate TOTS: Release date and expectations – CharlieINTEL.com

There were plenty of memorable games and goals in the world of football last...

By wpadminsonic164
Bitcoin day to day diagram alert – Still caught in a cost downtrend – May 16 – Kitco NEWS Stellar

Bitcoin day to day diagram alert – Still caught in a cost downtrend – May 16 – Kitco NEWS

Editor's Note: With so much market volatility, stay on top of daily news! Get...

By wpadminsonic164
PYMNTS Crypto Basics Series: What’s a Native Token, Non-Native Token and White-Label Crypto? – PYMNTS.com Stellar

PYMNTS Crypto Basics Series: What’s a Native Token, Non-Native Token and White-Label Crypto? – PYMNTS.com

Bitcoin, blockchain and cryptocurrency are words that most people have at least heard of...

By wpadminsonic164
HG Vora Capital Management Offers Ryder $4.4B in Acquisition Deal – PYMNTS.com Stellar

HG Vora Capital Management Offers Ryder $4.4B in Acquisition Deal – PYMNTS.com

HG Vora Capital Management, an activist investor, is eyeing the buy of fleet management...

By wpadminsonic164
Earn Curiosity on Ethereum – The Greatest Curiosity Charges – Financial Occasions Stellar

Earn Curiosity on Ethereum – The Greatest Curiosity Charges – Financial Occasions

As the second-largest cryptocurrency globally, Ethereum remains one of the most sought-after assets within...

By wpadminsonic164

Latest Posts

The Seal Society: Cardano Blockchains Next Blue Chip NFT? – DigitalJournal Cardano

The Seal Society: Cardano Blockchains Next Blue Chip NFT? – DigitalJournal

The Seal Society CNFT seems to be emerging as one of the best CNFT...

By wpadminsonic164
CME Group Will Launch Micro-Sized BTC, ETH Choices Ethereum

CME Group Will Launch Micro-Sized BTC, ETH Choices

The CME Group will launch micro-sized BTC, ETH options later this month and we...

By wpadminsonic164
Tidying Up Cryptocurrency: The Energy Impacts of Blockchains Videos

Tidying Up Cryptocurrency: The Energy Impacts of Blockchains

The Subcommittee on Oversight and Investigations of the Committee on Energy and Commerce will...

By wpadminsonic164
Whale Watching: A Deep Dive Into the Portfolios of the World’s Largest Ethereum Whales Bitcoin

Whale Watching: A Deep Dive Into the Portfolios of the World’s Largest Ethereum Whales

While there's a number of bitcoin whales that often get caught by blockchain parsers...

By wpadminsonic164
10000 causes to get your Rstronaut NFT – Cardano Feed Cardano

10000 causes to get your Rstronaut NFT – Cardano Feed

Hurry up because the subscription period for our first required staking pool is closing...

By wpadminsonic164
In the midst of crypto’s ability was, Encode Club mints new web3 designers – TechCrunch Polkadot

In the midst of crypto’s ability was, Encode Club mints new web3 designers – TechCrunch

Crypto-savvy developers are in short supply these days. Blockchain startups and protocols are fighting...

By wpadminsonic164
Cardano’s (ADA) Venture Catalyst Fund8 Voting Lastly Kicks Off: What Does This Imply?  – U.At the moment Cardano

Cardano’s (ADA) Venture Catalyst Fund8 Voting Lastly Kicks Off: What Does This Imply? – U.At the moment

Vladislav Sopov Cardano (ADA) experts and enthusiasts can now support the most valuable projects...

By wpadminsonic164
Elanco Animal Health Now the Most Expensive versus Dogecoin This Year – Nasdaq Dogecoin

Elanco Animal Health Now the Most Expensive versus Dogecoin This Year – Nasdaq

Here at CryptocurrenciesChannel.com, we find it interesting to track various ETF and stock prices...

By wpadminsonic164