MoneyGram, Stellar Integrate Wyre With Crypto-to-Cash Conversion Service

Cryptocurrency infrastructure provider Wyre has integrated with digital payments platform MoneyGram’s global on- and off-ramp service for digital wallets that debuted last month on the Stellar Network, according to a Wednesday (July 6) press release.

The on- and off-ramp service includes support from the Stellar Development Foundation (SDF), a nonprofit organization that supports the development and growth of Stellar, and it bridges the gap between physical and digital currencies, the release stated.

Wyre can now offer its partners that are building FinTech apps and platforms the ability to enable those apps’ users to transition between cash and cryptocurrency across the Stellar blockchain and MoneyGram’s global retail partner network, according to the release.

The company has more than 15 million end users, who now have the capability to either use fiat to load digital currencies into their digital wallets or cash out their digital currencies, the release stated.

“Wyre’s vision has always been to bring cryptocurrency to the masses regardless of location, financial means, or economic literacy,” said Wyre Co-Founder and CEO Ioannis Giannaros in the release. “This new integration with the MoneyGram service on Stellar creates a seamless and accessible experience for our users to make the most out of their assets in the least amount of steps.”

MoneyGram is offering the cash-to-crypto transition service for no fees for the first 12 months, according to the release.

In April, payments FinTech Bolt Financial announced it is buying crypto startup Wyre Payments in a deal worth around $1.5 billion.

Read more: Bolt to Purchase Crypto Startup Wyre for $1.5B

The deal is set to close later this year and will see Wyre help Bolt develop its application programming interface (API) offering by integrating its crypto stack. The companies said this will let developers “use the top blockchain protocols to build financial products that can scale to millions of users across the globe quickly and securely.”

Last year, Wyre teamed with Canadian payment service provider Mobilum Technologies to help accelerate Mobilum’s U.S. expansion, integrating Wyre’s API and giving Mobilum the ability to process automated clearing house (ACH) transactions for American customers by using Wyre’s ACH payment rails.

See more: PSP Mobilum Partners With Crypto Payments Firm Wyre to Enter US Market

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