TLDR
- Fireblocks will handle stablecoin settlements for MoneyGram, enhancing cross-border payment speed and reliability.
- The integration of a programmable settlement layer allows real-time value transfers across multiple blockchains.
- MoneyGram aims to strengthen its position in global money transfers, serving over 50 million customers annually.
- The partnership supports MoneyGram’s blockchain adoption, including the launch of a non-custodial digital wallet for crypto conversions.
- Future plans include programmable money features, enhanced liquidity pathways, and additional blockchain support to optimize payments.
MoneyGram has selected Fireblocks to handle stablecoin settlements. This partnership will improve the company’s global payment infrastructure. It aims to streamline cross-border money transfers, benefiting both customers and the business.
Fireblocks to Handle Stablecoin Settlements
According to a press release shared with PR Newswire, Fireblocks will provide MoneyGram with a stablecoin infrastructure. The integration includes a programmable settlement layer for smoother payment flows. This will enable MoneyGram to facilitate real-time value transfers across multiple blockchains.
The partnership focuses on increasing payment speed and reliability. Michael Shaulov, co-founder and CEO of Fireblocks, commented, “By moving to a multi-chain, programmable infrastructure, it’s upgrading the speed and reliability of global payments.” This marks a shift in how cross-border payments are settled.
MoneyGram serves over 50 million customers annually. The company operates in over 200 territories worldwide. Its partnership with Fireblocks is aimed at strengthening its competitive position in the money transfer sector.
MoneyGram’s Vision for Blockchain-Based Payments
MoneyGram has been focusing on blockchain-based payment solutions. The company has invested in digital currency on/off-ramps and crypto compliance infrastructure. This move positions MoneyGram as an early adopter in integrating blockchain technology into its services.
Anthony Soohoo, Chairman and CEO of MoneyGram, expressed, “We are leading the next era of money movement by enabling money to move instantly across any channel – fiat or stablecoin.” This highlights MoneyGram’s commitment to leveraging blockchain to improve payment efficiency.
In 2023, MoneyGram introduced a non-custodial digital wallet. This wallet allows users to convert between fiat and cryptocurrency. This development supports the company’s broader strategy of modernizing its payment infrastructure.
Future Plans for the Partnership
The partnership between MoneyGram and Fireblocks is expected to evolve. The companies plan to introduce new features such as programmable money. This would enable escrow-like transactions where funds are only released when specific conditions are met.
Another potential development is the enhancement of liquidity pathways. Fireblocks’ infrastructure will help ensure more resilient transaction routes. This could lead to improved efficiency and lower costs for MoneyGram’s customers.
As the integration progresses, the companies anticipate even more advanced features. These may include additional blockchain support and further optimizations in payment processing. This reflects their shared goal of making cross-border payments faster and more reliable.
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Source: https://blockonomi.com/moneygram-partners-with-fireblocks-for-stablecoin-settlements/