MoneyGram International, a global financial technology company, has won the “Best Use of Blockchain in FinTech” award at the 2023 FinTech Breakthrough Awards. The prestigious award recognizes the company’s innovative on/off-ramp service for digital wallets on the Stellar blockchain network, the first of its kind globally.
MoneyGram’s partnership with the Stellar Development Foundation (SDF) has enabled the company to create a bridge between digital assets and local currency. This partnership allows users to move seamlessly between cash and cryptocurrency. Users can convert some money to cryptocurrency and then back to money again, making it easier for people to adopt and use digital assets.
One of the critical features of the partnership between MoneyGram and SDF is that it enables settlement with MoneyGram to occur in near-real-time. This is possible using Circle’s USDC, a fully-reserved digital currency. The use of USDC allows MoneyGram to offer faster and more efficient settlements to its customers.
The on/off-ramp service is part of MoneyGram’s commitment to providing innovative financial solutions to its customers. The service allows MoneyGram to give customers a more comprehensive suite of financial services, including access to digital assets.
The FinTech Breakthrough Awards program is designed to recognize the top companies, technologies, and products in the global fintech market. The fact that MoneyGram won the “Best Use of Blockchain in FinTech” award is a testament to the company’s commitment to innovation and providing cutting-edge financial solutions to its customers.
In conclusion, MoneyGram’s partnership with the Stellar Development Foundation has enabled the company to create an innovative on/off-ramp service for digital wallets on the Stellar blockchain network. The service allows for seamless movement between cash and cryptocurrency, enabling settlement with MoneyGram to occur in near-real-time. Winning the “Best Use of Blockchain in FinTech” award at the 2023 FinTech Breakthrough Awards is a recognition of MoneyGram’s commitment to innovation and providing customers with the best financial solutions.
The adoption of blockchain technology has increased recently, with many financial institutions and companies exploring its potential use cases. The ability to securely and transparently record transactions has made it an attractive solution for the financial industry.
MoneyGram’s use of blockchain technology is a prime example of how the technology can be used to create innovative financial solutions. The on/off-ramp service for digital wallets on the Stellar blockchain network is a first-of-its-kind service that enables users to move seamlessly between cash and cryptocurrency.
MoneyGram’s partnership with the Stellar Development Foundation has been instrumental in making this service possible. The Stellar blockchain network is known for its fast transaction processing times and low transaction fees, making it an ideal platform for MoneyGram’s on/off-ramp service.
The use of Circle’s USDC as a fully-reserved digital currency is another crucial aspect of MoneyGram’s service. Using USDC allows for faster and more efficient settlements, enabling MoneyGram to provide better customer services.
The FinTech Breakthrough Awards program is an essential recognition of the top companies and technologies in the fintech industry. Winning the “Best Use of Blockchain in FinTech” award is a significant achievement for MoneyGram and highlights the company’s commitment to innovation and providing customers with the best financial solutions.
Overall, MoneyGram’s on/off-ramp service for digital wallets on the Stellar blockchain network is an exciting development in the financial industry. It can potentially revolutionize how people use and digital access assets, and MoneyGram’s partnership with the Stellar Development Foundation is vital to making this possible. The recognition from the FinTech Breakthrough Awards is a testament to MoneyGram’s commitment to innovation and providing cutting-edge financial solutions to its customers.
