MoneyGram platform general Alex Holmes said that the company’s immediate plans are to become a kind of “bridge between the cryptocurrency and fiat worlds.”
Today, the largest company specializing in international transfers - MoneyGram International, announced the decision to direct its efforts towards intensive involvement in the digital industry. In particular, according to a press release, soon MoneyGram, in cooperation with the Stellar project, intends to launch a web platform for money transfers based on stablecoins. The essence of the innovation is that in the future, Stellar wallet users will be able to send Circle coins (USDC) to recipients who will be able to cash them out in fiat currency through the MoneyGram network in just a few minutes.
“Now all our efforts are aimed at becoming conductors, a kind of bridge between the traditional financial sector and digital assets,” Holmes said in an interview with Cointelegraph.
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Among other things, MoneyGram shared sensational news with journalists about a possible collaboration with crypto companies in El Salvador. As it turned out, the money transfer platform has long been in talks with developers of digital wallets for users from El Salvador, in particular, with the state-owned BTC storage Chivo. Against the backdrop of the legalization of bitcoin in this country, MoneyGram considers itself one of the most promising companies that El Salvadorans could choose to make international payments in BTC since today such operations are available only within the state.
“If a country like El Salvador intends to further develop bitcoin in its state, continuing to equate it to the US dollar, then the services we provide will certainly be useful to both residents and businesses. Through cooperation with MoneyGram, Salvadorans will have the opportunity not only to receive transfers in dollars and BTC but also to send them to different parts of the world without violating the laws of other countries,” MoneyGram said in a statement.
To conclude, it is worth adding that a similar kind of deal, which MoneyGram now wants to conclude with Stellar, was concluded with the Ripple Labs project. At that moment, by the way, the international transfer platform owned a considerable number of shares of the crypto company. Cooperation was unsuccessful, the relationship between them was severed in 2021 when the US Securities and Exchange Commission filed a lawsuit against Ripple Labs. Due to close cooperation, MoneyGram also fell under the distribution, against which a class action lawsuit was filed among dissatisfied customers.