MoneyGram Brings Cash-to-Crypto Ramps to Solana Network

TLDR

• MoneyGram has launched its cash-to-crypto Ramps service on Solana for wallets, exchanges, and developers.
• The service supports cash deposits in more than 25 countries and withdrawals across over 170 countries and territories.
• Users can convert local cash into supported digital assets or withdraw crypto as local currency through MoneyGram’s network.
• MoneyGram has expanded its blockchain strategy after launching USDC cash services with Stellar and announcing its MGUSD stablecoin.
• The company strengthened its Solana ties after becoming a network validator in June.

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MoneyGram has expanded its cash-to-crypto service to Solana, giving wallets, exchanges and developers access to its global payment network. The expansion connects digital assets with local cash services.

MoneyGram Ramps lets users convert cash into supported digital assets and withdraw crypto as local currency. The service works through MoneyGram’s payment network, reducing the need for crypto platforms to build separate banking and cash connections. The rollout aims to make digital asset access easier through payment locations.

MoneyGram Ramps Extends Solana Access

MoneyGram said Ramps is now available to companies and developers building on Solana. The service supports cash deposits in more than 25 countries and withdrawals across more than 170 countries and territories.

Users with supported wallets can deposit cash to access digital assets. They can also convert crypto into local currency through MoneyGram locations. The system connects digital wallets with physical payment points and gives crypto platforms a way to serve customers who rely on cash.

The launch comes as stablecoins gain wider use in payments and remittances. Banks, fintech firms and payment companies are testing dollar-linked tokens for cross-border transfers and other payment services.

MoneyGram serves about 60 million customers. The company has said blockchain networks can support faster and lower-cost transfers while keeping the process simple for users. Chief Executive Anthony Soohoo said the company wants to build a more open global payments network based on access.

MoneyGram Builds More Blockchain Connections

MoneyGram has spent several years linking its traditional transfer network with digital assets. In 2022, it launched a service with the Stellar Development Foundation that allowed customers to move between cash and Circle’s USDC stablecoin.

The company expanded that strategy in June by announcing MGUSD, a dollar-backed stablecoin issued by Bridge on the Stellar network. Bridge is a stablecoin infrastructure company owned by Stripe.

MoneyGram has also increased its role in the Solana network. The company became a Solana validator in June, allowing it to help process and secure transactions on the blockchain.

MoneyGram also joined Open USD, a Stripe-led stablecoin project that plans to share revenue with a group of partners. The latest Solana launch gives the company another route for connecting digital assets with its cash network.

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Source: https://blockonomi.com/moneygram-brings-cash-to-crypto-ramps-to-solana-network/