MoneyGram Expands Crypto-To-Cash Service

MoneyGram is expanding its cash-to-crypto infrastructure that connects stablecoins and digital wallets with its global cash network.

Privately held MoneyGram is extending its crypto infrastructure via the Solana (CRYPTO: $SOL) network. 

The company said in a statement that "MoneyGram Ramps" is now available to digital wallets, crypto exchanges, and developers building on the Solana network. 

The service lets users convert money into crypto and cash them out through MoneyGram's payment network without having to build connections to banks.

The service allows someone holding crypto in a supported wallet to turn it into a local currency around the world using MoneyGram's network. 

Users can also deposit cash to access cryptocurrencies such as Bitcoin (CRYPTO: $BTC). 

MoneyGram Ramps currently supports cash deposits in more than 25 countries and withdrawals in more than 170 countries and territories, according to the company.

The move comes as stablecoins are increasingly being used for payments and remittances. 

Banks and payment companies are increasingly using dollar-pegged stablecoins to move money across borders without relying on traditional financial institutions.

MoneyGram claims to serve 60 million customers worldwide. The company views blockchain rails as a way to make cross-border transfers and payments faster, cheaper, and easier to track.

As a private company, MoneyGram's stock does not trade on a public exchange. 

Bitcoin is trading at $64,275 U.S. early on Aug. 11.