Wyre, a leading cryptocurrency infrastructure provider, today announced an integration with the first-of-its-kind global on/off-ramp service for digital wallets launched last month by MoneyGram, a global leader in the evolution of digital P2P payments, on the Stellar network.
This service was launched with support from the Stellar Development Foundation (SDF), a non-profit organization that supports the development and growth of Stellar. This service is a monumental step towards bridging the gap between physical and digital currencies in a way that has not been done before at scale.
Through this exciting integration, Wyre will now provide their partners building a variety of fintech apps and platforms with the ability to enable users to seamlessly transition between cash and cryptocurrency. Powered by the Stellar blockchain, an open-source public blockchain that allows money to be tokenized and transferred globally, and MoneyGram's global retail partner network, Wyre now is able to provide its over 15 million end users with the capability to either use fiat to load digital currencies into their digital wallets to access the digital economy, or cash-out their digital currencies to increase the utility of their holdings.
"Wyre's vision has always been to bring cryptocurrency to the masses regardless of location, financial means, or economic literacy. This new integration with the MoneyGram service on Stellar creates a seamless and accessible experience for our users to make the most out of their assets in the least amount of steps," says Ioannis Giannaros, co-founder and CEO of Wyre. "In removing barriers to accessibility, users are given the opportunity to move the dollars from their pockets onto the blockchain in five minutes. It's an exciting step forward for the cryptocurrency world."
MoneyGram has now expanded the service's cash-out functionality globally, where permitted by law, so businesses using Wyre can now empower their users to exchange digital assets for local currency from just about anywhere in the world. MoneyGram is also offering this as a zero-fee service for the first 12 months, so there is currently no direct cost to the end user.
"As more and more companies are looking to integrate blockchain-based infrastructure into their business models, Wyre is supportive of building compliant and efficient bridges into the most open and inclusive monetary infrastructure in the world," notes Jamal Raees, Head of Blockchain Strategy at Wyre.