Wyre can now provide their users the ability to seamlessly transition between cash and crypto.
Wyre, a leading cryptocurrency infrastructure provider, announced today that it would integrate with the first-of-its-kind global on/off-ramp service for digital wallets launched on the Stellar network last month by MoneyGram, a global leader in the evolution of digital P2P payments. The service is being offered on the Stellar network.
The Stellar Development Foundation (SDF), a non-profit organization dedicated to the development and expansion of Stellar, provided funding for establishing this service. This service is a huge step in bridging the gap between fiat and digital currencies on a massive scale.
Wyre’s new integration now allows its partners to construct various fintech applications and platforms to enable consumers to convert between cash and cryptocurrencies effortlessly.
Wyre can now give its over 15 million end-users the potential to either use fiat currency to load digital currencies into their digital wallets to access the digital economy or cash out their digital currencies to improve the value of their holdings.
This feature is made possible by the Stellar blockchain, an open-source, public blockchain that enables money to be tokenized and moved internationally. MoneyGram’s global retail partner network also plays a role in making this capability possible.
Where authorized by law, MoneyGram has now extended the service’s cash-out capabilities internationally, enabling businesses using Wyre to provide their consumers the ability to convert digital assets into local currency from almost anywhere in the globe. For the first 12 months, MoneyGram is also providing this as a no-fee service, meaning there is presently no direct cost to the end-user.