Payments giant MoneyGram plots noncustodial wallet launch

The Stellar-enabled wallet will roll out next year, the company stated

September 26, 2023 10:31 am

BalkansCat/Shutterstock modified by Blockworks

MoneyGram, a company primarily known for its cash transfer services, has plans to offer a noncustodial cryptocurrency wallet by the first quarter of 2024.

The wallet will be built on the Stellar network, which is unsurprising given MoneyGram’s longstanding partnership with the Stellar Development Foundation (SDF). MoneyGram first integrated with Stellar back in October 2021 so customers could convert USDC into cash and vice versa.

Newsletter

Subscribe to Blockworks Daily

Software design company Cheesecake Labs designed the wallet, which will be offered as a zero-fee service until June 2024. The wallet will also have access to MoneyGram’s existing fiat on- and off-ramps on Stellar.

MoneyGram’s digital wallet will benefit from a significant network of physical ATMs and payment centers which will allow users to easily off-ramp. There are 350,000 money transfer locations globally, according to the company.

“Through the services we provide in partnership with SDF, MoneyGram has made strides to create equitable access to the global financial system,” MoneyGram CEO Alex Holmes said in a statement.

Right now, MoneyGram customers can cash out their digital assets in over 180 countries and buy digital assets with cash in over 30 countries, the company said.

Beyond the widespread ATM access, MoneyGram’s wallet users will also be able to send USDC to other wallet users.

Once the wallet rolls out next year, MoneyGram said it would “expand” its capabilities and introduce new features. There was no mention of what capabilities or features would be added, and a MoneyGram representative didn’t immediately return a request for comment.

Get the news in your inbox. Explore Blockworks newsletters:

Blockworks Daily: Unpacking crypto and the markets.
Empire: Crypto news and analysis to start your day.
Forward Guidance: The intersection of crypto, macro and policy.
0xResearch: Alpha directly in your inbox.
Lightspeed: All things Solana.
The Drop: Apps, games, memes and more.
Supply Shock: Bitcoin, bitcoin, bitcoin.

Tags

Newsletter

Blockworks Daily

Upcoming Events

Digital Asset Summit 2025

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

buy tickets learn more

Permissionless IV

Industry City | Brooklyn, NY

TUES - THURS, JUNE 24 - 26, 2025

Permissionless IV serves as the definitive gathering for crypto’s technical founders, developers, and builders to come together and create the future.If you’re ready to shape the future of crypto, Permissionless IV is where it happens.

buy tickets learn more

Permissionless IV Hackathon

Brooklyn, NY

SUN - MON, JUN. 22 - 23, 2025

Blockworks and Cracked Labs are teaming up for the third installment of the Permissionless Hackathon, happening June 22–23, 2025 in Brooklyn, NY. This is a 36-hour IRL builder sprint where developers, designers, and creatives ship real projects solving real problems across […]

learn more

recent research

Research

DoubleZero: A Piece of the Priority Pie

We believe DoubleZero, given its symbiotic relationship with validators & searchers, promise to boost overall network efficiency and throughput, lack of competition, and ability to serve many blockchain ecosystems, will command meaningful pricing power and could command a meaningful take of priority revenues across blockchains.

by Ryan Connor