Payments giant MoneyGram plots noncustodial wallet launch

The Stellar-enabled wallet will roll out next year, the company stated

September 26, 2023 10:31 am

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MoneyGram, a company primarily known for its cash transfer services, has plans to offer a noncustodial cryptocurrency wallet by the first quarter of 2024.

The wallet will be built on the Stellar network, which is unsurprising given MoneyGram’s longstanding partnership with the Stellar Development Foundation (SDF). MoneyGram first integrated with Stellar back in October 2021 so customers could convert USDC into cash and vice versa.

Software design company Cheesecake Labs designed the wallet, which will be offered as a zero-fee service until June 2024. The wallet will also have access to MoneyGram’s existing fiat on- and off-ramps on Stellar.

MoneyGram’s digital wallet will benefit from a significant network of physical ATMs and payment centers which will allow users to easily off-ramp. There are 350,000 money transfer locations globally, according to the company.

“Through the services we provide in partnership with SDF, MoneyGram has made strides to create equitable access to the global financial system,” MoneyGram CEO Alex Holmes said in a statement.

Right now, MoneyGram customers can cash out their digital assets in over 180 countries and buy digital assets with cash in over 30 countries, the company said.

Beyond the widespread ATM access, MoneyGram’s wallet users will also be able to send USDC to other wallet users.

Once the wallet rolls out next year, MoneyGram said it would “expand” its capabilities and introduce new features. There was no mention of what capabilities or features would be added, and a MoneyGram representative didn’t immediately return a request for comment.

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