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MoneyGram’s 60M-Customer Network Goes Live on Solana

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Key Takeaways:

  • MoneyGram Ramps has now launched on Solana via a single API.
  • Multi-country services include cash to crypto and crypto to cash trading.
  • Solana wallet Rift is the first to support MoneyGram Ramps.

MoneyGram has brought its global cash network directly into the Solana ecosystem, giving developers a simpler way to connect crypto applications with local currencies. The launch adds a major fiat-access layer to Solana’s growing payments infrastructure.

MoneyGram Brings Cash Access to Solana

Now MoneyGram Ramps is available on Solana, wallets, exchanges and other crypto applications can implement fiat on- and off-ramps by integrating via just one API. The service can be used to deposit and withdraw cash in over 25 countries and in more than 170 countries and territories.

The pitch to developers is simple: API credentials, sandbox access, documentation and SDKs are provided without developers having to develop their own banking integrations.

MoneyGram claims its payment system is available in over 200 countries and territories, and has nearly 500,000 retail outlets. Its Ramps product lifts connector itself directly from digital wallets to cash access, in over 170 countries, specifically.

The integration is also associated with the Solana Developer Platform’s payments module that offers facilities for going between fiat and stablecoins in addition to other monetary services.

In March, the platform was launched together with modules for payments, issuance and wallet management that are accessible via APIs.

Read More: Solana Flips Ethereum for RWA Holders, Crossing 154K Wallets in Historic First

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Rift Becomes the First Solana Wallet

Rift is the first Wallet for Solana to integrate MoneyGram’s Ramps, providing customers a connection between crypto assets and local cash via MoneyGram’s Network.

It could render cryptocurrency applications more pragmatic in jurisdictions where people have access to banking facilities. Rather than the wallet or app making its own cash system, the developers can interface with an existing payments system.

This could be applied in remittance, stablecoin, gig workers and aid distribution among the use cases. Recipients may be able to pull out cash at points in the surrounding area without having to know how online transactions work or have a bank account.

MoneyGram Deepens Its Solana Push

The Ramps launch comes on the heels of MoneyGram’s increased commitment to Solana. In June, the payments company signed an infrastructure partnership to join the Solana Developer Platform and started becoming an active Solana validator.

That makes MoneyGram’s place in the network quite unique, as it constitutes both protocol-level infrastructure and payment connectivity among crypto and fiat.

According to MoneyGram’s own developer portal, Ramps ensures that Web3 wallets can reach the fiat rails for a fairly easy integration, and MoneyGram’s broader business network covers over 200 countries and territories.

The addition is another stride in Solana’s efforts to expand into the realm of crypto payments, uniting onchain applications with a cash network already functioning at a global level.

Read More: Mastercard Unveils 85-Firm Crypto Partner Program to Power Global On-Chain Payments

The post MoneyGram’s 60M-Customer Network Goes Live on Solana appeared first on CryptoNinjas.


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