Wyre partners MoneyGram to allow crypto-to-cash conversion

Crypto infrastructure provider Wyre has partnered with P2P paytech MoneyGram to allow users to convert their digital assets directly into cash.

MoneyGram partners Wyre for fiat-to-digital asset functionality

It’s hoped the integration with MoneyGram’s global on/off-ramp service for digital wallets on the Stellar network, an open-source public blockchain that allows money to be tokenised and transferred globally, will drive the adoption of crypto by creating a bridge between the fiat and digital currency worlds.

Wyre co-founder and CEO Ioannis Giannaros says the company’s vision “has always been to bring cryptocurrency to the masses regardless of location, financial means or economic literacy”.

“In removing barriers to accessibility, users are given the opportunity to have the dollars in their pocket on the blockchain in five minutes,” Giannaros adds.

MoneyGram has expanded the service’s cash-out functionality globally, where permitted by law, so businesses using Wyre can now allow their users to exchange digital assets for local currency across the world.

Wyre was acquired by e-commerce checkout fintech Bolt in April. Bolt says it is looking to “decentralise and democratise commerce” through integrating Wyre’s crypto stack, giving developers blockchain protocols to build financial crypto products.

Also in April, MoneyGram was sued by the US Consumer Financial Protection Bureau (CFPB) and the New York Attorney General (NYAG) for alleged consumer financial protection law violations.