MoneyGram partners Ripple rival Stellar foundation
MoneyGram giant payment service established a partnership with the stellar foundation to allow MoneyGram customers to swap cash into USDC.
Because of the increasing adoption of the Cryptocurrency, specially Bitcoin, many traditional private banking services are facing big problems against the challenges which are coming because of Digital assets. MoneyGram is a Financial banking institution, which started with the aim to facilitate cross-border payments transactions at very low cost. But at present they are seeing a big challenge because of the cryptocurrencies adoptions. So they planned to get into crypto integrated services.
Read also: Former Ripple Partner MoneyGram Gained 33% Growth in Digital Payments in Q2
As per latest announcement, MoneyGram & Stellar development will use their platform for each other to bring advancement in the Services of MoneyGram. And also with this, MoneyGram will tie-up with the Circle firm to enable their users to convert their fiat Currency into USDC.
This is probably going to be a big step by the MoneyGram Because MoneyGram firm knows very well about the future because of digital currencies, so it was necessary to integrate blockchain based technology and services in their operations.
In the present time, MoneyGram has 150 million users across the world and helped their customers to facilitate money transactions over 400,000 locations. Steller has a 5 million user base, which was launched in 2014 with the blockchain innovation and is known as a big rival of Ripple payment firm.
Here partnership of MoneyGram was a part of the belief of MoneyGram company over crypto adoption. Few experts claimed that such kinds of platforms should not go with crypto because crypto is totally new and not easy to adapt to operate services more perfectly. And also they should focus on what they have been doing for a long time.
Read also: Digital currencies may ‘reduce reliance on the U.S. dollar : Federal Reserve
