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Breaking News: Major Win For Memecoins: SEC Affirms They Typically Do Not Qualify As Securities

Why MoneyGram Launched A Bankless Payment Method On Stellar

Reynaldo Marquez
Reynaldo Marquez
3 years ago
2 mins read
Stellar Lumens XLM XLMUSDT

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Payment giant MoneyGram International continues to cement its partnership with the Stellar ecosystem. Via an official post, the company announced a new stage for its collaboration by deploying a live cash-in and cash-out pilot initiative in the United States.

Related Reading | Stellar To Launch New Europe-Africa Payment Corridor With This Partner

After ending its relationship with payment solution company Ripple due to the U.S. SEC lawsuit against its executives, MoneyGram established a collaboration with the Stellar Development Foundation. In a little under 2 months, the partners have taken important steps to improve the company’s payment settlement capabilities.

According to MoneyGram, their newest pilot initiative has allowed them to deploy “one of the quickest, most seamless integrations yet”. As of now, participants in the U.S. can make dollar deposits into their wallets at certain MoneyGram establishments and leverage Stellar-based USDC Coin (USDC) to send instant payments abroad.

In addition, participants will be able to exchange Stellar USDC for “any cash currency supported” on MoneyGram. The official post claims:

With Stellar, MoneyGram enables consumers to seamlessly convert USDC to cash, or cash to USDC – all without requiring a bank account. Since USDC is the world’s fastest growing digital dollar currency, the utility and liquidity of this versatile digital asset will only grow as more wallets and companies join the Stellar ecosystem

The company added that this program has made MoneyGram’s payment settlement “instantaneous”, for the first time since its inception. In that way, the company believes that consumers will be able to benefit from an increase in payment efficiency, less risk, and a speed-up fund collection.

Unlike its competitor, MoneyGram believes that cash money will be a part of the future as a tool for the unbaked. In that sense, they attempt to create alternatives to cash and expand the access to financial opportunities to everyone.

How Does The MoneyGram And Stellar Pilot Solution Works?

Per the post, MoneyGram has used Stellar’s resources and documentation for their developer kits and its “well-designed set” of ecosystem protocols (SEPs) with various APIs to create their pilot solution.

Related Reading | How Stellar’s $40M Investment In Tala Will Give Millions Access To Financial Services

Expected to be publicly available in 2021, Jake Urban, Senior Software Engineer at the Stellar Development Foundation made a step-by-step demonstration on how users can exchange and send money via the MoneyGram solution, as seen in the video below. The company said:

By integrating with Stellar, MoneyGram is offering its millions of users a local fiat entry into blockchain, providing those in emerging markets easier access to digital assets than ever before. This pilot is just the first of many steps to create greater access to the world’s financial system for everyone, regardless of where they are.

As of press time, XLM trades at $0,32 with a 6% loss in the daily chart.

XLMUSDT XLM Stellar
XLLM on a downtrend in the daily chart. Source: XLMUSDT Tradingview
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Reynaldo Marquez
Reynaldo Marquez

Reynaldo Marquez

A literature major, Reynaldo Márquez has been deeply immersed in the crypto industry since 2017. His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide.
In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride.
He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times.
In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson’s ‘Neuromancer.’ The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau’s ‘Civil Disobedience.’
But that’s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term.
In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry.
Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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