Stablecoins Are The Future Of Remittances, Says MoneyGram CEO
In recent years, major corporations have been looking for ways to incorporate cryptocurrencies into their operations. So naturally, these companies want the benefits of blockchain without having any responsibility or risk associated with them – which is why we’ve seen so many starts dipping their toes in the water. MoneyGram is the latest company to […]
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Moneygram, one of the leaders in the cross-border payments and remittances market, has partnered with the Stellar Development Foundation to use the Stellar blockchain for settlements. The company will use the native version of USD coin (USDC), a popular stablecoin, to simplify and accelerate the process of sending remittances. This also means that Moneygram will act as a fiat on and off-ramp service for USD coin users.
Moneygram to Use Crypto for Remittances
Moneygram, a Dallas, Texas-based payments and remittances company, has announced a partnership with the Stellar Development....
MoneyGram is launching its own entry into the digital custody space with an app designed to hold both traditional fiat currencies and stablecoins. A trial run is scheduled in Colombia before MoneyGram expands to other markets. It’s a carefully planned decision, as most remittances in Colombia come from abroad, usually in USD. The underlying blockchain is powered by Stellar and Crossmint, with customer balances held in Circle’s USDC. While MoneyGram’s new wallet appears to be a good way to bring existing MoneyGram customers into stablecoins, support for other cryptocurrencies is limited.....
According to multiple reports, MoneyGram is rolling out a new mobile app in Colombia that lets users receive, hold and move money using USD-backed stablecoins, specifically USDC. Related Reading: Ethereum Giant The Ether Machine Aims For US Public Debut The service is being positioned as a hybrid: a stored-value USD balance that can be funded, […]
About halfway through the conversation at Money20/20, discussion turns to Kodak. It's not without merit. The photography giant once boasted more than 145,000 employees and $16bn in global revenues, but its empire all but crumbled due to rise of digital photography. To digital currency proponents, this shift has been held up as an example of what happens when incumbents fail to innovate when new technologies lead to the creation of new behaviors. In the face of tech that enables value to be sent at a low cost across national borders, industry supporters have long argued remittances are the....
Ripple's partnership with MoneyGram may not be as warm as it once was, but it's paying off. Ripple Labs has sold a huge chunk of its 2019 investment in MoneyGram. Per a Friday night filing with the Securities and Exchange Commission on Friday night, from Nov. 27 through Dec. 4, Ripple Labs managed to sell 2,264,113 shares of MoneyGram (MGI). The tech firm netted a total of $15,303,792.60 from the sales.MoneyGram's stock value has soared in recent months, from $2.94 on Oct. 1 to $8.53 on Nov. 23. In no small part thanks to news of Ripple's sell-off, MGI has slipped back down to $6.54 as of....