Want to turn your cryptocurrency into cash? International money transfer company MoneyGram recently launched its new crypto-to-cash service in the bid “to increase the utility of digital assets by creating a bridge between cash and cryptocurrencies.”
The new service, which is being offered with zero fees for one year as part of its promotion, utilizes the open-source Stellar blockchain network that decentralizes payments and allows cross-border fund transfers.
MoneyGram uses USDC, a stablecoin pegged to the fiat US, as the settlement asset for the service.
Among the initial markets where cryptocurrency owners can avail of the service include the Philippines, Canada, Kenya, and the US. Seven more countries will be supported by the end of the month, during which the global cash-out functionality will also be rolled out.
Besides the cash-out functionality, the new service will let users top up their digital wallets at participating MoneyGram locations. So far, the supported Stellar-enabled wallets are Vibrant and Lobstr, with more to follow.
The crypto-to-cash service is provided by MoneyGram in collaboration with the non-profit organization Stellar Development Foundation.
In fact, it just adds more convenience for all cryptocurrency users. I am a frequent trader now and the additional possibility of exchanging for cash is always a good thing.
Good idea MoneyGram! Exchaning is much easier as compared to
local cyrpto platform’s process of converting cryptos to fiat and
then withdrawing thru payment mediums or banks.