MoneyGram expands crypto-to-cash service to Solana blockchain
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IN SHORT
MoneyGram is extending its cash-to-crypto service, MoneyGram Ramps, to the Solana blockchain. This allows wallets, exchanges, and developers on Solana to connect to MoneyGram's global cash network for converting between cash and digital assets, supporting deposits in over 25 countries and withdrawals in over 170.
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Key Numbers
25+countries for cash deposits
170+countries for cash withdrawals
Who's Involved
MoneyGram
Money transfer company expanding crypto-to-cash services
Anthony Soohoo
Chairman and CEO of MoneyGram
Solana
Blockchain network where MoneyGram Ramps is now available
↳ Why This Matters
MoneyGram's expansion onto the Solana blockchain broadens access to its cash-to-crypto services, potentially increasing stablecoin adoption for everyday transactions and remittances by bridging the gap between traditional finance and digital assets.
Key facts
MoneyGram has launched its MoneyGram Ramps service on the Solana blockchain.
The service enables users to convert cash into digital assets and vice versa through MoneyGram's global network.
It supports cash deposits in over 25 countries and withdrawals in more than 170 countries and territories.
This expansion aims to connect stablecoins and digital wallets with MoneyGram's cash network.
MoneyGram previously partnered with Stellar for a USDC cash-on/off-ramp and launched its own stablecoin, MGUSD.
MoneyGram is expanding its cash-to-crypto service, MoneyGram Ramps, to the Solana blockchain, allowing wallets, exchanges, and developers on Solana to connect to its global cash network. The service facilitates the conversion between cash and digital assets, supporting cash deposits in over 25 countries and withdrawals in more than 170 countries and territories.
This move signifies MoneyGram's continued push into stablecoin-based payments and remittances. The company aims to leverage blockchain technology to make cross-border transfers faster, cheaper, and more traceable, without requiring end-users to understand the underlying technology. MoneyGram CEO Anthony Soohoo stated that bringing MoneyGram Ramps to Solana is a step toward building a truly open, global payments network.
MoneyGram has been actively building connections between its traditional payment systems and the crypto space. In 2022, it launched a service with the Stellar Development Foundation to enable cash and USDC conversions through its retail network. More recently, in June, the company announced its own dollar-backed stablecoin, MGUSD, issued on the Stellar network. MoneyGram has also strengthened its ties with Solana, becoming a validator on the network in June.
Frequently asked questions
MoneyGram Ramps is a service that allows users to convert between cash and digital assets, connecting MoneyGram's global cash network with blockchain technology.
Wallets, exchanges, and developers on Solana can integrate with MoneyGram Ramps to offer their users the ability to turn crypto into local currency or deposit cash to acquire digital assets.
The service supports cash deposits in over 25 countries and cash withdrawals in more than 170 countries and territories.
What Happens Next
01MoneyGram may continue to expand its Ramps service to other blockchain networks.
02Further integration of stablecoins into traditional payment systems is anticipated.
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