What to know:
- MoneyGram Ramps now supports Solana, enabling crypto-to-cash and cash-to-crypto transactions through its global payment network.
- Rift is the first Solana wallet to integrate MoneyGram Ramps, connecting digital assets with local currencies.
- Developers can use a single API to add fiat on- and off-ramp services to Solana wallets, exchanges, and applications.
MoneyGram Ramps now supports the Solana blockchain, which enables wallets, exchanges, and developers to connect to an international network where they can exchange crypto for local money and vice versa.
The launch of the new blockchain comes after MoneyGram Ramps already supported the Stellar blockchain. Rift is now the first Solana wallet that has partnered with MoneyGram Ramps to transfer crypto and local money via the company’s payment systems.
MoneyGram Ramps Connects Solana to a Global Cash Network
The integration enables developers on the Solana platform to get connected directly with the expansive payment network of MoneyGram. Based on data from Solana, MoneyGram “serves over 60 million customers via almost 500,000 retail outlets in more than 170 countries.”
As a result, developers will be able to utilize that network through one API for integrating cash-to-crypto and crypto-to-cash capabilities into wallet systems and exchange services.
Instead of creating separate connections for banks and payments, developers utilizing MoneyGram Ramps can incorporate the capabilities of fiat on- and off-ramping through the existing system.
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How MoneyGram Ramps Works on Solana
The platform is meant for linking virtual currencies to conventional money. One can send money and get crypto, and convert crypto back to local money through a variety of money transfer channels.
According to MoneyGram, Ramps facilitates cash deposits from over 25 countries and cash withdrawals in over 170 countries and territories.
The inclusion of Solana may make these services more available within the network, especially when it comes to applications that wish to give their customers an easier way to buy and sell within the cryptocurrency realm.
In the case of Rift, this integration would mean that the wallet has a way to connect digital currencies directly to the cash network of MoneyGram.
MoneyGram Deepens Its Solana Expansion
However, the integration by MoneyGram into Solana is not limited to their Ramps product. In June of the same year, the company joined the ranks of Solana validators and gained an opportunity to stake their SOL tokens and take part in the transaction process within the blockchain.
Another step for the company was joining the Solana Developer Platform.
The overall strategy highlights the continuous attempt by MoneyGram to marry its conventional remittance service with the emerging blockchain technology. By merging its traditional cash network with that of Solana, the firm hopes to simplify the process of making digital asset payments.
Solana developers can leverage MoneyGram Ramps to create apps that link crypto to fiat money. For end users, it is an easily recognized payment system that can fill the gap between crypto and cash.
Solana’s inclusion is part of a bigger trend in the cryptocurrency industry, whereby more payment companies are trying to bridge the gap between blockchain networks and traditional finance systems.
With more wallets and apps integrating the MoneyGram Ramps technology, the product could help make cryptocurrency-to-fiat and vice-versa transactions easier globally.
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