MoneyGram is bringing its international money community instantly into the Solana ecosystem, launching MoneyGram Ramps on the blockchain and giving wallets, exchanges and different purposes a brand new method to join digital property with bodily money.
The rollout places MoneyGram’s established funds infrastructure behind a single integration designed for Solana purposes. In keeping with MoneyGram, builders can use its rails to allow money deposits in additional than 25 international locations and money withdrawals throughout greater than 170 international locations and territories, whereas MoneyGram handles identification verification, compliance, settlement and fiat payouts.
MoneyGram acts a bridge between blockchain-based property and the normal money economic system.
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The primary Solana pockets to combine the service is Rift, in line with MoneyGram’s announcement.
The transfer is critical due to MoneyGram’s uncommon historical past in blockchain funds. The corporate was as soon as considered one of Ripple’s most outstanding business companions, later turned a serious participant in Stellar’s stablecoin ecosystem, and is now increasing its infrastructure onto Solana.
From Ripple to Stellar
MoneyGram’s blockchain story started effectively earlier than its arrival on Solana.
In January 2018, MoneyGram and Ripple introduced an settlement to pilot XRP in MoneyGram’s fee flows. The businesses stated they might discover utilizing Ripple’s xRapid system for on-demand liquidity, with XRP serving because the bridge asset between currencies.
The connection turned considerably deeper in 2019. Ripple and MoneyGram introduced a strategic partnership underneath which Ripple would turn into MoneyGram’s key accomplice for cross-border fee and foreign-exchange settlement utilizing digital property. Ripple additionally agreed to offer a capital dedication of as much as $50 million in trade for fairness over the two-year time period. MoneyGram individually described the association as involving its use of Ripple’s xRapid product and XRP for foreign-exchange settlement.
The partnership in the end led to March 2021. Ripple stated the 2 firms had mutually determined to terminate their settlement, whereas noting that they’d processed billions of {dollars} by means of RippleNet and its On-Demand Liquidity product.
MoneyGram didn’t abandon blockchain funds after leaving Ripple. As a substitute, its subsequent main blockchain relationship was with the Stellar Growth Basis.