Moneygram Announces Partnership With Stellar to Improve Remittance Transactions

8 October 2021 | Updated: 8 October 2021

Texas-based payments and remittances company Moneygram recently announced a strategic partnership with Stellar Development Foundation—the development and growth division of Stellar (XLM) blockchain—allowing it to tap into Stellar’s payments and remittance capabilities. The payments company will utilize the native USDC (USD Coin) on the Stellar blockchain to facilitate stress-free and efficient funds transfer.

Because neither Monegram nor Circle (the host company of USDC) are banks, the United Texas Bank will serve as a settlement conduit between the two institutions.

The multinational remittance company now serves as an off-ramp for USDC users to get fiat funds and vice-versa, bringing more value to the USDC ecosystem.

Moneygram continues to showcase its devotion to adopting new technologies to improve its services. The Texas-based institution was one of the pioneering remittance companies to integrate blockchain following its early partnership with Ripple. However, it had to break ties with Ripple Labs following the announcement of legal action by the SEC in December 2020.

Moneygram Working in Line With UN’s Proposed Sustainable Development Goals

The proposed system by the company should allow for instant settlements at significantly low fees due to the Stellar blockchain-effect, and no implied volatility due to the use of USDC, a stablecoin. Commenting on the latest development, CEO of Moneygram Alex Holmes noted that:

“As crypto and digital currencies rise in prominence, we’re especially optimistic about the potential of stablecoins as a method to streamline cross-border payments…we are extremely well-positioned to continue to be the leader in building bridges to connect digital currencies with local fiat currencies.”

In an official release, Circle asserted that this partnership should reduce costs associated with remittances. This aim is in line with one of the United Nations’ proposed Sustainable Development Goals, which aims at dropping remittance costs from 7% to 3% of funds sent.

 

You can purchase crypto coins here: Buy Tokens

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8

Highly volatile unregulated investment products. No EU investor protection.

  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
9.8
  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
8.5
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8

Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.

MoneyGram Launches New Bitcoin Cash Trading Service for US Customers

12 May 2021 | Updated: 12 May 2021

MoneyGram and Coinme, a licensed crypto-to-cash exchange in the US, recently announced the “launch of a new partnership to enable the cash funding and payout of digital currency purchases and sales.

MoneyGram is one of the world’s top cross-border P2P payments and money transfers facilitators, which currently caters to over 150 million customers across the globe.

Coinme is a US-based cryptocurrency exchange and ATM operator with over 20,000 locations for trading Bitcoin with cash through partnerships with Coinstar and MoneyGram.

In the official announcement, the companies noted that the partnership “will bring bitcoin to thousands of new point-of-sale locations in the U.S., with plans to expand to select international markets in the second half of 2021.” The report added that the new service would establish “global cash on and off-ramps and ensure access to Bitcoin.”

The announcement detailed that:

“The Moneygram and Coinme integration will provide a fast and easy way for customers to purchase bitcoin with cash and withdraw bitcoin holdings in cash.”

MoneyGram Limits the Crypto Service to the US for Now

According to the report, only select MoneyGram outlets in the US can offer the new crypto service when it launches in a few weeks.

However, the partnering companies will make the service available to other parts of the world with more crypto selection shortly after the launch in the US.

According to the information on Coinme’s website, the service is “available at 12,000 Moneygram locations.”

The companies revealed that the crypto service “is specially designed for customers who may be interested in utilizing bitcoin for the first time.

Speaking on the matter, the CEO of MoneyGram, Alex Holmes, noted that:

“This innovative partnership opens our business to an entirely new customer segment as we are the first to pioneer a crypto-to-cash model by building a bridge with Coinme to connect bitcoin to local fiat currency.”

 

You can purchase crypto coins here: Buy Coins

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8

Highly volatile unregulated investment products. No EU investor protection.

  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
9.8
  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
8.5
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8

Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.

MoneyGram Now Facing Class-Action Suit Despite Cutting Ties With Ripple

3 March 2021 | Updated: 3 March 2021

MoneyGram has gotten slammed with a class-action lawsuit for allegedly misleading investors with Ripple (XRP) sales. Rosen Law Firm announced that it is filing a class-action lawsuit against the payments solution company on behalf of investors who bought MoneyGram securities in 2019.

The law firm noted that investors who bought MoneyGram shares between June 17, 2019, and February 22, 2021, are entitled to compensation from the company, considering that MoneyGram partnered with Ripple Labs. Ripple is currently battling a suit with the SEC for allegedly offering unregistered securities through the sale of XRP.

The Rosen Law Firm complaint alleges that: “Defendants made false and/or misleading statements and/or failed to disclose that XRP, the cryptocurrency that MoneyGram was utilizing as a part of its Ripple partnership, was viewed as an unregistered and therefore unlawful security by the SEC.”

Meanwhile, just a few weeks ago, MoneyGram announced that it was suspending its ties with Ripple and momentarily halting the use of XRP on its network. The payment behemoth received payment from Ripple to leverage XRP for remittance services. XRP got used to convert a variety of foreign currencies in a secure manner and at a low cost via its blockchain.

Although MoneyGram was quick to cut ties with Ripple after the SEC lawsuit, it did not stop investors from rallying behind a class action suit, claiming that the company knowingly misled them.

XRPUSD – Hourly Chart

Key XRP Levels to Watch — March 3

XRP has been trading within a range between $0.4500 and $0.4000 for the past week, as the cryptocurrency market got dominated by bears. That said, it appears that bulls are starting to take control, once again, with XRP challenging the $0.4500 resistance.

A break above the $0.4500 could take the cryptocurrency to $0.5000 and higher in the coming hours. However, XRP currently lacks any trading volume of volatility, thereby making a sharp move upwards troublesome. This means that we could see the seventh-largest cryptocurrency consolidate around the $0.4500 area for a bit.

Nonetheless, a fall below the $0.3838 seems very unlikely at the moment.

Meanwhile, our key resistance levels are at $0.5400, $0.6000, and $0.6374. While our key support levels are at $0.4524, $0.3838, and $0.3500.

Total Market Capitalization: $1.57 trillion

XRP Market Capitalization: $20.3 billion

XRP Dominance: 1.3%

 

You can purchase crypto coins here: Buy Coins

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8

Highly volatile unregulated investment products. No EU investor protection.

  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
9.8
  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
8.5
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8

Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.

Moneygram Severs Ties With Ripple Amid SEC Lawsuit Saga

23 February 2021 | Updated: 23 February 2021

Moneygram International announced yesterday that it has halted operations on Ripple’s platform. The news came with the company’s Q4 and 2020 earnings report.

In its outlook for the first quarter of 2021, Moneygram noted that it “is not planning for any benefit from Ripple market development fees in the first quarter,” adding that “due to the uncertainty concerning their ongoing litigation with the SEC, the company has suspended trading on Ripple’s platform.”

Before now, the payment solution company had a commercial agreement with Ripple, enacted in June 2019, to “use Ripple’s foreign exchange (FX) blockchain trading platform (ODL) for the purchase or sale of four currencies.”

In its earnings report on Monday, Moneygram explained that “in the first quarter of 2020, the company realized a net expense benefit of $12.1 million from Ripple market development fees.” The company also noted that in Q4 of 2020, it generated “$8.5 million net benefits from Ripple market development fees of $9.2 million, partially offset by related transaction and trading expenses of $0.7 million.”

Furthermore, its financial statement for the years 2020 and 2019 include Ripple market development fees of $50.2 million and $11.3 million, respectively. These numbers were counteracted by related transaction and trading expenses of $11.9 million and $0.4 million, respectively.

SEC’s Lawsuit Against Ripple
Moneygram cited the recent SEC lawsuit against Ripple Labs Inc. as the reason for its tie-severing move.

The SEC lawsuit, which got filed in December 2020, charges Ripple’s CEO and co-founder with conducting a $1.3 billion unregistered securities offering of XRP.

The lawsuit alleges that “much of the onboarding onto ODL was not organic or market-driven. Rather, it got subsidized by Ripple.” The SEC added that “though Ripple touts ODL as a cheaper alternative to traditional payment rails, at least one money transmitter … found it to be much more expensive and therefore not a product it wished to use without significant compensation from Ripple.”

 

You can purchase crypto coins here: Buy Coins

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8

Highly volatile unregulated investment products. No EU investor protection.

  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
9.8
  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
8.5
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8

Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.