International money operator MoneyGram has announced plans to launch a new service that will allow customers to transfer money around the world using cryptocurrency technology. It is reported by Bloomberg. The company recently entered into a partnership deal with Stellar Development, the engineering group that created the Stellar (XLM) blockchain.
It is assumed that thanks to the new system, sending money will occur with an instant conversion of fiat to stablecoins and vice versa. In other words, the client gives the employee a certain amount of money to send abroad. Once in the system, the money is exchanged for cryptocurrency, and further actions for their transfer are already being implemented on the blockchain platform. Upon receipt of money, stablecoins are again converted into fiat.
“Despite the strong volatility, I think that cryptocurrencies will stay with us for a long time. It is very important to accept this and promote their adoption,” said Alex Holmes, CEO of MoneyGram.
Recall that in 2020, MoneyGram made attempts to establish cooperation with Ripple (XRP). However, after the scandal with the SEC in connection with the failure to register Ripple as a security, MoneyGram announced the termination of early agreements.