Wyre and MoneyGram launch first cash-to-crypto service

The two companies are set to launch the first cash-to-crypto integration that will allow users to switch from fiat currencies to digital currencies with a single click.

Wyre and MoneyGram increase ease of access to the crypto world through a cash-to-crypto service

Wyre, a leading provider of digital cryptocurrency payments infrastructure, announces an integration with MoneyGram, a global leader in the evolution of digital P2P payments, that will allow users to easily, quickly and securely switch between fiat and digital resources.

This new service has been available since 30 June and utilizes the Stellar blockchain, with which, since October 2021, the Nasdaq-listed P2P payments giant has signed a partnership, abandoning its old partnership with Ripple. 

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According to initial rumors that have come from the two companies, users of the new service will be able to withdraw their cash at more than 400,000 locations in about 200 countries, avoiding the payment of exchange rates.

The service will leverage the relative infrastructures of the two companies to easily enable direct exchange between currencies and crypto and vice versa, at no cost to users.

Ioannis Giannaros, co-founder and CEO of Wyre, said:

“Wyre’s vision has always been to bring cryptocurrency to the masses regardless of location, financial means, or economic literacy. This new integration with MoneyGram creates a seamless and accessible experience for individuals to make the most out of their assets in the least amount of steps. 

In removing barriers to accessibility, users are given the opportunity to have the dollars in their pocket on the blockchain in five minutes. It’s an exciting step forward for the cryptocurrency world”.

The integration of Wyre and MoneyGram represents a move closer to mass adoption

This is another step toward greater adoption of cryptocurrencies, considering that the service will be available in more than 180 countries, with the great added value of avoiding the fees that are paid when going to exchange one fiat currency for another.

Jamal Raees, Head of Blockchain Strategy at Wyre, concluded: 

“We’re seeing an increasing trend where alternative payment mechanisms, like MoneyGram, are beginning to look to cryptocurrency. As more and more companies are looking to integrate blockchain-based infrastructure into their business models, Wyre is here to help build compliant and efficient bridges into the most open and inclusive monetary infrastructure in the world”.

This partnership takes on considerable significance considering the size of the two companies that are part of the project. Wyre, founded in 2013, is one of the leading infrastructures for fiat to cryptocurrency payments. 

MoneyGram, on the other hand, is a global leader in the evolution of digital P2P payments, listed on Nasdaq and with more than 150 million active users. It is US-based with headquarters in Dallas and has local offices around the world.