Canada’s Cash Chronicles: Effortless Money-making Stories – Consumers will soon be able to exchange fiat currency for cryptocurrencies at MoneyGram locations around the world, making it accessible even to those without bank accounts or credit cards.
On-premises and off-premises encryption ramps are a hurdle for the industry. Stellar and MoneyGram’s partnership aims to solve this problem.
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The lack of a stable cryptocurrency ramp (a rail for efficiently converting dollars, yen, euros, and other currencies into tokens) is a bottleneck holding back the industry’s growth.
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While wealthy people in major markets like the US can easily get in and out of cryptocurrencies, it’s much more difficult if you’re in an emerging market and don’t have a bank account or credit card.
The Stellar Development Foundation, which supports Stellar Network, has found a way around this problem. Through a partnership with money transfer company MoneyGram that launches on Friday, people will be able to bring fiat currency to MoneyGram locations to have it converted to cryptocurrency and convert cryptocurrencies back into fiat currency. This service uses his USDC stablecoin on the Stellar network.
The service, initially available in the United States, Canada, Kenya and the Philippines, and expanding to seven more countries later this month, is a sign of how the new crypto market intersects with traditional finance. This is an example. It also shows that cryptocurrencies need to be integrated with existing financial systems to attract mainstream users.
The partners plan to add crypto payments to nearly all MoneyGram member countries (more than 200 countries) by the end of June.
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“This is an interesting and difficult problem,” said Anand Iyer, founder of venture capital firm Canonical Crypto. Although the company has not invested in Stellar, it is actively focusing on the infrastructure market. “Doing this transaction makes a lot of sense because it is the only way we can introduce more cryptocurrencies into the ecosystem.”
If Stellar and MoneyGram can make their project a success and show that they can attract new consumers to crypto, it could open up a larger market for crypto and Web3 and serve as a model for other companies looking to expand access. There is sex.
For Stellar, the deal is part of its goal to help underserved and unbanked people access cryptocurrencies. “From that perspective, this could be transformative and could actually bring a cash-based world into a digital economy,” said Denel Dixon, CEO of the Stellar Development Foundation. “We’re really focused on targeting users with money and really increasing their opportunities.”
Since his launch of Stellar in 2014, the focus has been on payments. The company added USDC to its network last year, and Stellar’s low fees, typically a fraction of a cent, allow users to pay much lower fees than other systems such as Ethereum. became.
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Particularly in the current bear market, increasing accessibility is one way to counter the misconception that cryptocurrencies are only for commercial purposes, Dixon said, as it enhances other uses such as payments.
For Stellar, the fact that the new product uses his USDC instead of his original XLM token highlights the organization’s recent focus on stablecoins. Dixon sees the future of crypto payments in stablecoins. “We don’t favor XLM over anything else,” he said. “We actually prefer stablecoins. Stablecoins are a great way to pay.”
Integrating a traditional financial company and a new blockchain group was not easy. MoneyGram and Stellar began talks in his 2019, and the two companies have since built an “adapter” that says his Stellar and MoneyGram systems can be connected.
The two companies began talking about this current product in March 2021. In a keynote speech last summer, Dixon told MoneyGram CEO Alex Holmes, “What’s missing in a lot of areas is how much blockchain and encryption MoneyGram needs.” Ta.
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The product was developed over the next several months and piloted in November. MoneyGram is licensed and operating in 200 countries and territories and has agent locations in over 420,000 locations, allowing for relatively quick build-out. Mark Heynen, vice president of business development at Stellar Development Foundation, praised MoneyGram’s “ability to remove all complexity.”
This product allows users to transfer fiat currency to his MoneyGram site, convert it to cryptocurrency, and convert cryptocurrency back to fiat currency. Photo: Moneygram
At Stellar, payments on the network have increased by more than 500% in the past year, but there is a need to increase access for home users. In 2016, the company rolled out its first infrastructure, a network of regulated financial institutions, currency providers, stablecoin issuers, and other infrastructure. Currently, it has about 50 anchorages in Brazil, Nigeria, the Philippines, the United States, and other locations.
However, most of Stellar’s anchors are local players, and not all of them have physical pay locations. MoneyGram will be a kind of super-anchor for Stellar.
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Here’s how it works: A customer initiates a transaction with a compatible wallet and transfers dollars or other fiat currency to his MoneyGram location. The agent verifies the identity and loads the money into the customer’s digital wallet as a MoneyGram transaction using the Stellar blockchain network.
Two self-custodial wallets, Lobstr and Vibrant, will go live at launch, and both companies are working on supporting other custodial and non-custodial wallets. Circle, a USDC maker, will help convert the funds, and United Bank Texas will handle payments between Circle and Stellar.
MoneyGram said it will provide its services free of charge for the first 12 months to encourage adoption. Holmes said the price of transactions will eventually be competitive with the buying, selling and remittance of cryptocurrencies. The average transfer fee paid for traditional cash transfers in 2021 was just over 6%, according to a World Bank report.
MoneyGram sees its partnership with Stellar as a way to attract new customers who want to get into or are already into cryptocurrencies, and to offer new products to existing customers. Holmes points out that there is an overlap between immigrants who use MoneyGram to send money abroad and Latinos who are showing a strong interest in cryptocurrencies. Additionally, the integration with Stellar allows other wallets on this network to connect to his MoneyGram, adding more potential customers.
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In the long term, Holmes believes that cryptocurrencies could not only change how money is transferred, but also help redefine money. “It’s a little bit different than if I had US dollars and I turned it into a stable currency that someone in Argentina could use, I would have to exchange it all today when I go to pick it up or deposit my money. “It’s a bank bill,” Holmes said. “There are some interesting future concepts about how money will work, but do we need to turn it into fiat currency right away?”
MoneyGram has focused on technology and innovation in recent years. Last year, Sara Vassar was hired by her Thomson Reuters and Intuit as chief product officer. In 2018, it launched a mobile app that allows people to manage and send money. Last year, it also signed a deal to allow people to buy Bitcoin through Coinme at MoneyGram stores.
Tomio Geron (@omiogeron) is a reporter covering fintech based in San Francisco. He previously served as a reporter and editor at Wall Street Journal and Venture Capital and covered startups. He also worked as a staff writer for Forbes Magazine in the areas of his social media and venture capital and compiled his Midas list of top tech investors. Contact him at tgeron@ or tgeron@protonmail.com.
His rulings in major crypto cases have inspired “The Big Lebowski,” “SNL” and “Dr. Lebowski.” Strangelove,” he said. That’s because he, yes, wants you to read it.
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How Zia Faruqui (right) thinks about the case before her may give lawyers a hint as to what kind of legal framework will emerge in the future.
Veronica Irwin (@vronirwin) is a reporter covering fintech based in San Francisco. She previously worked at the San Francisco Examiner, where she covered technology from a hyperlocal perspective. Her byline has previously been featured in SF Weekly, The Nation, Techworker, and Ms. Magazine and Frisk.
This is not a quote from “The Big Lebowski” – at least not directly. This is an excerpt from a Washington court filing regarding the role crypto analysis tools can play in government investigations. The author is Judge Zia Faruqui.
Critics don’t typically reference pop culture, and they don’t have Faruqui’s expertise in cryptocurrencies. His remarks included clever references to “The Big Lebowski,” “Dr. Martin.” A parody by the McLaughlin Group of “Strangelove” and “SNL.” They also provide a unique and detailed understanding of how criminals can use cryptocurrencies to their advantage, and more importantly, how they cannot use them to their advantage. For example, in the January seizure incident, Faruqui said: “Cash into unhosted wallets” poses a major challenge for cryptocurrency law enforcement.” Another article called blockchain anonymity a “myth” and made it clear that cryptocurrencies are an ineffective tool for criminals to evade sanctions.
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His insights are not the result of spending time on crypto Twitter. Before becoming a judge, Faruqui was part of the prosecution team at the U.S. Attorney’s Office in Washington, D.C., which called itself the “Bitcoin Strike Force” and worked with agencies such as the IRS and FBI.
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