Fireblocks will begin processing stablecoin payments for MoneyGram – one of the world’s largest international money transfer companies – according to a company announcement.
“MoneyGram is rebuilding the real-time cross-border payments infrastructure,” said Fireblocks CEO Michael Shaulov. “The move to a multi- chain , programmable model increases the speed and reliability of global payments from the ground up.”
MoneyGram serves more than 50 million customers a year in more than 200 countries and territories, making it a traditional rival to Western Union. While its fees are often higher than some other methods, it remains a vital Vai for those struggling to transfer money internationally.
The partnership could help MoneyGram cut costs, although the Capital nature is expected to reduce its reliance on intermediaries like MoneyGram. However, a growing number of large financial institutions, including US banks, are adopting stablecoins into their systems.
MoneyGram emphasizes that it is pioneering by investing early in fiat-crypto “on/off-ramps” and compliance infrastructure. “We are leading the new era of remittances – where money can move instantly across any channel, from fiat to stablecoins,” said President and CEO Anthony Soohoo.
In this collaboration, Fireblocks will provide “stablecoin infrastructure and a programmable settlement layer” that will allow MoneyGram to make real-time payments across multiple blockchains. The two parties are also XEM implementing additional features such as “programmable money” and “more flexible liquidation coordination.”
This past September, Fireblocks launched its enterprise stablecoin network, helping crypto companies and financial institutions move stablecoins more efficiently.
Follow CoinMoi to update the hottest issues of the crypto market okay!!!
The article MoneyGram partners with Fireblocks to process stablecoin payments appeared first on CoinMoi .
