The partnership will allow MoneyGram to work closely with cryptocurrency
CEX.io, a centralized cryptocurrency exchange, has partnered with MoneyGram to expand its crypto cash-in and cash-out services. This collaboration will allow CEX.io users to convert Circle’s USD Coin (USDC) into physical cash and vice versa at participating MoneyGram locations. By integrating MoneyGram and the Stellar blockchain, CEX.io aims to make cryptocurrency transactions more accessible and convenient for its users across various regions.
The partnership mainly focuses on offering these services to users in the European Economic Area (EEA), Africa, Latin America, and several other regions. Currently, residents of countries like Austria, Hungary, Ireland, Lithuania, and Poland can already use physical cash to fund their accounts through this integration, with plans to expand the service to more countries in the near future.
CEX.io’s integration with Stellar, a blockchain known for facilitating fast and low-cost transactions, is key to this new service. The Stellar network will enable seamless conversion between digital currencies and traditional fiat money, helping CEX.io customers manage their assets more efficiently. The exchange hopes this partnership will enhance the user experience by providing greater versatility in how users handle both their crypto and cash.
This collaboration comes on the heels of other developments on the Stellar network, including the re-introduction of a euro-pegged stablecoin, EURT, backed by the fintech company Next Generation and Decta, an electronic money institution based in Ireland. This stablecoin aligns with the European Union’s new crypto regulations under the Markets in Crypto-Assets Regulation (MiCA), which took effect earlier this year and will be fully enforced by December.
