Cryptocurrency and Fiat currency services integration.
Picture Credits: Fintech News Singapore
Since cryptocurrency has taken the world by storm, the investors and users of crypto around the world are consistently dealing in cryptocurrencies irrespective of the volatile nature of the market. As the investors are growing steadily in the crypto sphere, there will be a need soon for the integration of crypto currency with fiat currency to facilitate the transactions with out much complications. Even though there are services provided by banks and statutory bodies which regulate financial systems, the movement of crypto-to-fiat and fiat-to-crypto is a complex one. To solve the problem and to provide a service with out needing any bank out or credit card, MoneyGram plans on launching a specially curated service in partnership with Stellar Blockchain for crypto players.
MoneyGram Launches crypto-to-cash service on the Stellar Blockchain.
MoneyGram, a money transfer company best known for its peer-to-peer transfers, is launching a digital wallet on-ramp and off-ramp service. The service is expected to have a revolutionary impact on the market since it will allow users of digital wallets to transfer funds between fiat and cryptocurrency without having to go through a bank.
The particular service will be introduced to the market in stages. Markets in Canada, Kenya, the Philippines, and the United States will be able to use the service at any MoneyGram location in the initial phase. MoneyGram’s decision to start in these nations in Phase 1 was based on the substantial volume of cross-border transactions that occur in these countries. They are also called remittance markets. The global Cash-out functionality is expected to be out by the end of June 2022.
The objectives of the partnership.
While it is clear that both companies want to create a service tailored to people and users who frequently conduct cross-border transactions and trade cryptocurrency, it is also expected that the partnership will place a strong emphasis on streamlining the settlement process, which will be powered by Circle’s USDC stablecoin.
Denelle Dixon, the CEO and Executive Director of Stellar Foundation, believes that the service will have a huge impact on the market and financial industry because it addresses difficulties for a wide spectrum of consumers with different demands all over the world.
Writer’s report:
As we all have read that many financial experts believe that cryptocurrency is going to take the financial system by storm and making permanent changes to the sector, it is important and essential for both the currencies, crypto and fiat to integrate and provide services for a smooth transition. The step taken by MoneyGram will surely reap huge profits if the predictions of the crypto experts come true.
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