Stellar, a leading blockchain platform, has announced that cryptocurrency exchange WhiteBIT has joined MoneyGram Access, a partnership designed to accelerate the adoption of Stellar-backed services. This new collaboration will allow WhiteBIT users to access MoneyGram’s crypto-to-cash off-ramps in Ukraine, further expanding the reach of Stellar’s financial services. WhiteBIT is now the sixth company to join the MoneyGram Access initiative, following Vibrant, Lobstr, Circle, Decaf, and Beans.
MoneyGram Access, powered by Stellar Network, enables digital wallet and fintech applications to provide financial services to the unbanked population. Through these apps, users can easily convert their money into digital dollars and take advantage of low-cost and fast transactions using USDC on the Stellar network. However, businesses interested in utilizing the services must go through an onboarding process with MoneyGram.
It is interesting to note that MoneyGram’s relationship with Ripple, a rival of Stellar, was once strong until 2021 when the US Securities and Exchange Commission sued Ripple Labs for issuing unregistered securities. During their collaboration, MoneyGram used Ripple’s On-Demand Liquidity (ODL) solution for cross-border settlement. Ripple had also invested $30 million in MoneyGram, which it divested after the partnership ended.
The partnership between Stellar and MoneyGram has led to groundbreaking innovations in the field of financial inclusion. Last year, MoneyGram introduced a global on/off-ramp service for digital wallets, aimed at bridging the gap between physical and digital assets. This service facilitated the adoption of blockchain technology and financial inclusion by offering a zero-fee service for the first 12 months.
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MoneyGram CEO Alex Holmes commented on the partnership, stating that it aims to deliver innovative financial solutions that connect communities around the world. The strong collaboration between the technology teams of both companies enabled the service to be launched ahead of schedule. Holmes also expressed excitement about further collaboration with Stellar Development Foundation (SDF) to explore new ways of utilizing blockchain for cross-border payments.
Underlining Stellar’s commitment to financial inclusion, the International Rescue Committee (IRC) partnered with the blockchain platform in December 2022 to pilot a blockchain-powered aid disbursement system in Ukraine. The system, called Stellar Aid Assist, leveraged the Stellar blockchain to deliver relief funds quickly and affordably.
In terms of market performance, Stellar’s XLM token has experienced a 9% decline in the last seven days, currently trading at $0.097020. However, it still maintains a neutral market sentiment, with a trust score of 70/100 and a market cap of $2,621,896,989. The 24-hour trading volume stands at $54,315,358. Despite the recent decline, XLM is still significantly down from its all-time high of $0.875563.
As with any investment, it is essential for readers to conduct their own research and exercise caution when engaging with cryptocurrencies. This content and the mentioned companies are not endorsed or responsible for any damages or losses incurred from the use or reliance on the information provided.
In conclusion, the partnership between Stellar and MoneyGram continues to bring innovative financial solutions to the unbanked population through the MoneyGram Access initiative. The addition of WhiteBIT to this collaboration further expands the accessibility of crypto-to-cash off-ramps in Ukraine. Stellar’s commitment to financial inclusion, demonstrated through the pilot of a blockchain-powered aid disbursement system, showcases the platform’s potential to revolutionize cross-border payments and drive global financial inclusion.
