WhiteBit Joins Stellar-Backed MoneyGram in Partnership

• Stellar-backed MoneyGram Access partners with crypto exchange WhiteBIT as part of an effort to accelerate its adoption.

• This solution enables businesses to take advantage of its services to deliver money to the unbanked. 

Stellar (XLM) has disclosed that crypto exchange WhiteBIT has joined MoneyGram Access in a latest announcement. This means users of the exchange would have access to MoneyGram’s crypto-to-cash off-ramps across Ukraine locations. WhiteBit is now the sixth firm to join MoneyGram Access. The others are Vibrant, Lobstr, Circle, Decaf, and Beans.

It is worth noting that the MoneyGram Access is powered by Ripple Ripple Labs‘ rival Stellar Network. Over the years, the solution has enabled digital wallets and fintech applications to bring money to the doorstep of the unbanked. Using wallet and fintech apps, customers can easily convert their money into digital dollars. Its main merit is that businesses can offer low-cost and fast transactions via USDC on the Stellar network to customers. However, an onboarding process is required by MoneyGram for businesses to use the services. 

MoneyGram had an interesting relationship with Ripple until 2021 when the US Securities and Exchange Commission sued the blockchain company for issuing unregistered securities. During the collaboration, MoneyGram used Ripple’s On-Demand Liquidity (ODL) solution for cross-border settlement.

MoneyGram Chief Executive Officer Alex Holmes said:

Through Ripple’s xRapid product, we will have the ability to instantly settle funds from U.S. dollars to destination currencies on a 24/7 basis, which has the potential to revolutionize our operations and dramatically streamline our global liquidity management.

Ripple also purchased $30 million worth of shares and warrants in MoneyGram. These shares were dumped right after the partnership was terminated. 

Stellar and MoneyGram Groundbreaking Innovation

After sealing its partnership with Stellar, MoneyGram announced a roll-out of a first-of-its-kind global on/off-ramp service for digital wallets last year. This was to bridge the gap between physical and digital assets and also lay the grounds for blockchain technology to further financial inclusion. MoneyGram, therefore offered a zero-fee service for the first 12 months to accelerate adoption.

Holmes commented:

At MoneyGram, we’re on a mission to deliver innovative financial solutions that connect the world’s communities, and the initial launch of this service is another important milestone on our journey. It’s especially exciting to launch this service ahead of schedule due to the strong collaboration of our technology teams, and we look forward to further collaboration with SDF as we work on uncovering new ways to utilize blockchain to further streamline cross-border payments.

Users of Stellar-connected digital wallets Vibrant and LOBSTR were able to access this service. 

In December 2022, the International Rescue Committee (IRC) also partnered with Stellar to announce a pilot of a first-of-its-kind blockchain-powered aid disbursement system in Ukraine. This was an end-to-end cash assistance system built on the Stellar blockchain, Stellar Aid Assist, to deliver relief funds quickly and affordably. 

As of press time, Stellar was down by 9 percent in the last seven days to trade at $0.097020. Interestingly, it currently has a neutral market sentiment. Data shows that XLM has a trust score of 70/100 and a market cap of $2,621,896,989. Its 24-hour trading volume has also been encouraging with the current value standing at $54,315,358. However, the asset is 89 percent down from its all-time high of $0.875563. 

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