MoneyGram Solana Deal Brings Crypto to Physical Retail Locations
MoneyGram has made significant strides in embracing blockchain technology and integrating it into its services. In an interview on Bloomberg Crypto, MoneyGram's CEO Anthony Soohoo discussed the company's partnership with Solana, which will provide developers access to over 500,000 retail locations worldwide.
The goal of this integration is to connect the digital world with the physical one, as stated by Soohoo. This means that users can convert their stablecoins into cash at hundreds of thousands of locations, making it easier for people to use cryptocurrency in everyday life.
MoneyGram's pivot towards blockchain began after its failed deal with Ripple, with the company partnering with Stellar in 2021 and launching its own dollar-denominated stablecoin MGUSD in June. The integration with Solana is seen as a significant step forward for the company, providing developers with access to physical infrastructure to support their digital applications.
The full scope of the developer tools is still rolling out, but MoneyGram's aim is to provide broad participation and innovation in the payments space.