Kraken, one of the largest cryptocurrency exchanges in the US, is partnering with MoneyGram, a well-established payment company, to allow people around the world to easily convert cryptocurrency into cash.
People can now easily convert their digital currency into traditional money and get cash at over 500,000 MoneyGram locations around the world. This avoids the often slow and complicated process of withdrawing money using traditional methods.
MoneyGram’s rocky crypto past
MoneyGram’s pivot toward blockchain and digital assets has been rather turbulent.
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This established company first gained attention in the cryptocurrency world in 2019 when it formed a business partnership with Ripple.
Ripple first invested $30 million in MoneyGram, and began testing its xRapid system, which uses XRP. They partnered to find faster ways to access funds and lower the expenses associated with international money transfers.
Unfortunately, our promising partnership with Ripple didn’t pan out as we’d hoped. We had to pause the collaboration in early 2021 because of the SEC’s lawsuit against them, which really complicated things.
Despite the challenges, MoneyGram didn’t give up on digital assets. Instead, they shifted their attention to stablecoins and different blockchain technologies.
Starting in 2021, MoneyGram began working with Stellar Development Foundation and Circle to utilize the USDC stablecoin.
The MoneyGram app now lets users easily receive, store, and spend a new type of digital currency called stablecoins. This allows them to protect their money from rising prices in their country and quickly convert it to cash at MoneyGram locations.
Additionally, MoneyGram has introduced the “MoneyGram Ramps API,” allowing developers and cryptocurrency wallets that don’t hold users’ funds to integrate with their services.
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2026-05-05 19:45