Stellar Partner MoneyGram to Launch Crypto Wallet In 2024

MoneyGram International (MGI) has announced its plan to introduce a non-custodial digital wallet at the Stellar Development Foundation’s (SDF) Meridian conference. The non-custodial wallet, based on the Stellar network, is set to debut in Q1 2024, and will revolutionise cross-border payments, allowing MoneyGram customers to send and receive money in innovative ways.

Users worldwide can use stablecoin technology within the wallet to transition between traditional fiat and digital currencies. The wallet offers the convenience of cashing out digital assets at MoneyGram locations and facilitates seamless digital asset transfers between users. Notably, MGI will apply rigorous global compliance screening to all wallet users, setting an industry standard in this regard.

CEO Reveals Vision

MGI said it will improve the wallet’s capabilities and provide new features within the app as the company launches the wallet next year, serving as a bridge between international money transfers and blockchain payments.

MoneyGram Chief Executive Officer, Alex Holmes, added, “Our vision to connect the world’s communities, by empowering our customers through innovative financial solutions, takes another step forward today. Through the services we provide in partnership with SDF, MoneyGram has made strides to create equitable access to the global financial system, having become the single largest fiat on and off-ramp provider offering blockchain access worldwide.”

MoneyGram is not New to Crypto

MoneyGram used to be in partnership with Ripple, the company behind XRP, before the lawsuit with the United States Securities and Exchange Commission (SEC). The cooperation included a US $50 million ($78 million) stake by Ripple in MGI.

While Stellar and MoneyGram had collaborated in the past on stablecoins and the Stellar blockchain, in August 2023, the relationship became more formal. Stellar bought a share of MGI and CEO Executive Director of SDF, Denelle Dixon, became a member of the MGI Board of Directors.

How Does XLM Price React?

Despite the interwoven relationship between Stellar and MGI and the news about a crypto wallet, the price of XLM, the native digital currency of Stellar, has not responded yet. At the time of writing, XLM changed hands for US $0.11 ($ 0.17) as per data from CoinMarketCap. 

Source: CoinMarketCap

XLM has lost 5.8% month-on-month and trades at a discount from its all-time high in 2018 when it reached US $0.69 ($ 0.88). Both XLM and XRP had not reached their all-time highs in the last bull run of 2021.