MoneyGram to Launch Its Stellar-Based Digital Wallet

Key Highlights

• MoneyGram reveals plans to launch its Stellar-based non-custodial digital wallet by early 2024.
• Created in partnership with Cheesecake Labs, the wallet will serve the purpose of expanding the access of users to the digital economy.
• The price of Stellar is predicted to increase by over 60% in Q1, 2024.

Top-rated global payment processing platform, MoneyGram, has announced that it is set to launch its non-custodial digital wallet on the Stellar network. This remarkable development signals the company’s commitment to facilitating a seamless digital economy.

As disclosed by Alex Holmes, the company’s CEO during the Stellar Development Foundation annual Meridian conference that happened recently, the digital wallet will be storming the crypto space by Q1, 2024.

Holmes’ statement reads; “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 worldwide1,”

An Adventure to Seamless Fiat-to-Digital Currency Transactions

The MoneyGram non-custodial digital wallet represents another innovative financial solution deployed to take the company closer to accomplishing its vision. Hence, it takes their mission a step further, combining their vision, strategic plans, innovative tech, and extensive retail network. This ensures consumers can access the digital economy while benefiting from MoneyGram’s renowned speed, efficiency, and trust.

Launched in partnership with Cheesecake Labs, the wallet will be built and featured on the Stellar network, while powered by MoneyGram. Basically, it has been designed to allow seamless exchange between fiat and digital currency.

Notably, the wallet will utilize the stablecoin technology to enable easy transmission from fiat to digital currency, to fiat again, among users from all over the globe. The intriguing part of the development is that users will be able to enjoy these use cases with the same brand.

In addition to this, MoneyGram is set to revolutionize cross-border payments with its new digital wallet as the wallet will be unleashing exciting financial possibilities for its customers.

Impressively, converting digital assets to other preferred utilities just got a lot easier, all thanks to MoneyGram’s non-custodial digital wallet. As such, users can go to any participating MoneyGram location to convert their digital assets into usable funds, upon launch. This makes their holdings even more practical.

Furthermore, as the company introduces the wallet next year, it plans to expand its capabilities and introduce new features within the app. These additions will bridge the gap between international money transfers and blockchain payments, offering even more convenience to users.

A Boost for Stellar?

There is no doubt that this remarkable partnership between MoneyGram and Stellar is set to position the network for further recognition which could boost the network towards reaching mainstream appeal.

Nonetheless, according to the Stellar price prediction algorithm, XLM is predicted to drop slightly by -2.80% in the coming week. However, there is an impressive twist in the algorithm as it is also expected to rally high by early 2024, with the cryptocurrency forecasted to reach $ 0.183695 by March.