Peer-to-peer payment platform MoneyGram is launching its crypto-to-cash service on the Stellar blockchain.
MoneyGram said in a press release that it will allow its customers to switch between fiat and crypto without the need for a bank account or credit card.
MoneyGram is partnering with the Stellar Development Foundation, the developer of the Stellar blockchain.
The service will initially launch in countries such as Canada, Kenya, the Philippines, and the United States. The company cited high volumes of cross-border transactions in countries as the main reason for focusing on these countries.
The new feature is expected to be available globally by the end of June.
Circle’s USDC stablecoin will also be used as part of the partnership. Denelle Dixon, CEO of the Stellar Development Foundation
, said:
“Today, almost 2 billion people earn their living on cash with no access options to the digital economy.
The service quickly and reliably disables cryptocurrencies for people who cannot reach the digital economy.
The most groundbreaking feature of this service is that it solves the problems of users with different needs around the world”
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