Quick take:

• MoneyGram has joined the list of financial services providers pivoting to non-custodial digital wallets.
• The Wire services provider will leverage stablecoin technology to allow customers to move fiat money to digital currency and back to fiat.
• The new wallet is planned for launch in the first quarter of 2024.

MoneyGram has announced plans to launch a non-custodial digital wallet. The Wire transfer services provider revealed in a press release that it will leverage stablecoin technology to allow customers to move fiat money to digital currency and back to fiat, enabling fiat-onramps and crypto-onramps transactions. 

Non-custodial digital currency wallets have become one of the most leveraged use cases for the crypto industry with major banks including the UK’s Standard Chartered, Germany’s DZ Bank AG, BBVA Switzerland, BBVA NewGen, and Paris-based BNP Securities Services all involved.

Most recently, PayPal launched the PayPal USD stablecoin, allowing US customers to transfer PYUSD to compatible wallets, make person-to-person payments, and fund purchases with PYUSD during checkout.

Self-custody wallets transfer full control of digital assets to customers, thereby allowing financial institutions to offer varied crypto services whilst adhering to the regulatory processes.

Once launched, the MoneyGram digital currency wallet will allow customers to visit to cash out their digital assets from any participating MoneyGram locations around the world, enabling them to increase the utility of their holdings.

The wallet also supports in-wallet digital currency transfers between users, extending MoneyGram’s globally recognised money transfer services to the blockchain. The MoneyGram self-custody wallets will apply the company’s global compliance screening capabilities to all wallet users.

Commenting on the announcement, Alex Holmes, the CEO of MoneyGram said: “Our vision to connect the world’s communities, by empowering our customers through innovative financial solutions, takes another step forward today. Through the services we provide in partnership with SDF, MoneyGram has made strides to create equitable access to the global financial system, having become the single largest fiat on and off-ramp provider offering blockchain access worldwide.”

This announcement follows MoneyGram’s launch of global fiat on and off-ramp service last year. Since its launch, the service now supports eight digital wallets on the Stellar blockchain, allowing consumers to cash-out digital currencies in over 180 countries and cash-in in 30+ countries around the world.

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• Source: https://www.nftgators.com/moneygram-doubles-down-on-web3-strategy-with-non-custodial-digital-currency-wallet/