MoneyGram, a legacy leader in the global remittance industry, is bridging the gap between traditional finance and decentralized finance (DeFi).
In a recent interview on Bloomberg Crypto, MoneyGram CEO Anthony Soohoo said that the goal is to connect the real world with the digital one. “Anyone building on Solana can use our off-ramp, the ability to put cash in or cash out, at any of our 500,000 retail locations. We’re trying to connect the real world with the digital world,” he said.
Stablecoins were once viewed as an existential threat to traditional remittance companies. However, MoneyGram’s massive merchant network is fully embracing the budding crypto era.
The new Solana integration makes it possible for users to convert their stablecoins into physical cash at hundreds of thousands of locations.
“I would say the biggest announcement we make with Solana is about access,” Soohoo stated.
The integration connects digital wallets to real-world cash registers. “We see a future for payments where it is going to be open, and we would provide access to where the customers [are],” Soohoo said.
The ultimate goal, according to Soohoo, is “to provide other developers to be able to build on our MoneyGram network.”
The full scope of the developer tools is still rolling out. The MoneyGram boss has noted that the framework is meant for broad participation, adding, Anyone who wants to innovate in the payments space will now have the physical infrastructure to back up their digital applications.
MoneyGram’s blockchain pivot
After its failed Ripple deal, MoneyGram’s blockchain push began with Stellar.
In 2021, MoneyGram partnered with the Stellar Development Foundation to connect Stellar’s blockchain
In June, the company launched MGUSD, its own dollar-denominated stablecoin, with infrastructure partners including Bridge, Crossmint, Fireblocks, M0 and Stellar.
As reported by U.Today, MoneyGram Ramps went live on Solana earlier this month. Rift became the first Solana wallet to integrate the service.
