Moneygram, one of the world’s leading payment providers, announced that it will use the infrastructure of an altcoin network to provide crypto services.
Moneygram announced that it will launch a digital wallet in partnership with Stellar (XLM) for the use of cryptocurrencies in cross-border transfers. Stellar-powered cryptocurrency wallets will allow individuals to exchange fiat currencies for crypto when making payments.
The payment service provider made a statement about when the service in question will be released. Moneygram has marked the first quarter of next year for its XLM altcoin-backed crypto wallet. Authorities added that they will conduct a suitability test for customers who want to use the crypto service.
Speaking to the crypto press after the news, Moneygram CEO Alex Holmes made the following statements:
“Our vision of connecting our customers and the world’s communities through innovative financial solutions is growing. “Our company’s new digital wallet move is a big step we have taken in this regard.”
The digital asset service, which is expected to be launched in the first quarter of 2024, will be free until June. Using the Stellar blockchain network, the cryptocurrency wallet will be fully integrated into existing systems where the payment provider uses fiat money.
Moneygram made its first serious move for cryptocurrencies in the previous summer. The company has made it easy for customers to quickly convert USDC stablecoins into cash.
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