Wyre Integrates with New Global Crypto-to-Cash Service Powered by MoneyGram and Stellar
Wyre is the latest company to integrate with MoneyGram's recently launched platform
focused on bridging the gap between physical and digital currencies
SAN FRANCISCO, July 6, 2022 /PRNewswire/ -- Wyre, a leading cryptocurrency infrastructure provider, today announced an integration with the first-of-its-kind global on/off-ramp service for digital wallets launched last month by MoneyGram, a global leader in the evolution of digital P2P payments, on the Stellar network. This service was launched with support from the Stellar Development Foundation (SDF), a non-profit organization that supports the development and growth of Stellar. This service is a monumental step towards bridging the gap between physical and digital currencies in a way that has not been done before at scale.
Through this exciting integration, Wyre will now provide their partners building a variety of fintech apps and platforms with the ability to enable users to seamlessly transition between cash and cryptocurrency. Powered by the Stellar blockchain, an open-source public blockchain that allows money to be tokenized and transferred globally, and MoneyGram's global retail partner network, Wyre now is able to provide its over 15 million end users with the capability to either use fiat to load digital currencies into their digital wallets to access the digital economy, or cash-out their digital currencies to increase the utility of their holdings.
"Wyre's vision has always been to bring cryptocurrency to the masses regardless of location, financial means, or economic literacy. 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," says Ioannis Giannaros, co-founder and CEO of Wyre. "In removing barriers to accessibility, users are given the opportunity to move the dollars from their pockets onto the blockchain in five minutes. It's an exciting step forward for the cryptocurrency world."
MoneyGram has now expanded the service's cash-out functionality globally, where permitted by law, so businesses using Wyre can now empower their users to exchange digital assets for local currency from just about anywhere in the world. MoneyGram is also offering this as a zero-fee service for the first 12 months, so there is currently no direct cost to the end user.
"As more and more companies are looking to integrate blockchain-based infrastructure into their business models, Wyre is supportive of building compliant and efficient bridges into the most open and inclusive monetary infrastructure in the world," notes Jamal Raees, Head of Blockchain Strategy at Wyre.
Wyre is the leading fiat-to-cryptocurrency and payment infrastructure company for the cryptocurrency ecosystem. Focusing on developers, the company provides easy-to-integrate APIs which enable thousands of developers to bring cryptocurrency to the masses. The company has "on-ramped" over 15 million end users to their partners and has processed over $10B in payments since inception. "Checkout", Wyre's flagship product, is the world's fastest fiat-to-cryptocurrency gateway and has helped hundreds of cryptocurrency applications better reach their customers. Wyre has been involved in the cryptocurrency space since 2013, supporting customers in over 100 countries worldwide, and empowering them with blockchain technology, ensuring the move to Web3 is as smooth as possible. For more information, please visit www.sendwyre.com.
MoneyGram International, Inc. (NASDAQ: MGI), a global leader in the evolution of digital P2P payments, delivers innovative financial solutions to connect the world's communities. With a purpose-driven strategy to mobilize the movement of money, a strong culture of fintech innovation, and leading customer-centric capabilities, MoneyGram has grown to serve over 150 million people in the last five years. The Company leverages its modern, mobile, and API-driven platform and collaborates with the world's top brands to serve consumers through its direct-to-consumer digital channel, global retail network, and embedded finance business for enterprise customers. MoneyGram is also a leader in pioneering cross-border payment innovation and blockchain-enabled settlement. For more information, please visit ir.moneygram.com, follow @MoneyGram on social media, and explore the website and mobile app through moneygram.com.
Stellar is a decentralized, fast, scalable, and uniquely sustainable network for financial products and services. It is both a cross-currency transaction system and a platform for digital asset issuance, designed to connect the world's financial infrastructure. Financial institutions worldwide issue assets and settle payments on the Stellar network, which has grown to over 6 million accounts. For more information, visit stellar.org.
The Stellar Development Foundation (SDF) is a non-profit organization that supports the development and growth of Stellar, an open-source network that connects the world's financial infrastructure. Founded in 2014, the Foundation helps maintain Stellar's codebase, supports the technical and business communities building on the network, and serves as a voice to regulators and institutions. The Foundation seeks to create equitable access to the global financial system, using the Stellar network to unlock the world's economic potential through blockchain technology. For more information, visit stellar.org/foundation.
SOURCE Wyre
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