Major US Exchange Strikes MoneyGram Deal
Analysis
Price Impact
MedKraken's partnership with moneygram to enable crypto-to-cash withdrawals is a significant step for mainstream crypto adoption. it directly addresses a key barrier for many users: cashing out fiat easily. while this news has broader implications for the crypto ecosystem, its direct impact on xrp might be limited as the article notes the previous ripple partnership stalled. however, moneygram's continued involvement with stablecoins like usdc suggests a positive environment for digital assets in general.
Trustworthiness
HighPrice Direction
BullishThis partnership significantly improves the user experience for converting crypto to fiat, making digital assets more accessible and practical for everyday use. this increased utility and ease of access can drive demand for cryptocurrencies, especially stablecoins like usdc which are explicitly mentioned as part of moneygram's ongoing strategy. the broader positive sentiment around adoption could also indirectly benefit other cryptocurrencies.
Time Effect
LongThe impact of this partnership will unfold over time as more users adopt the service and as similar integrations become more widespread across the financial industry. the long-term utility and accessibility offered by such off-ramps are key drivers of sustained adoption.
Original Article:
Article Content:
Cover image via depositphotos.com US exchange behemoth Kraken has teamed up with legacy payments giant MoneyGram to roll out a global crypto-to-cash off-ramp. Advertisement They can now exchange their digital currency for fiat and withdraw physical cash at any of MoneyGram’s roughly 500,000 brick-and-mortar locations worldwide. Slow and complex fiat withdrawal associated with the traditional system can now be bypassed. MoneyGram's rocky crypto past MoneyGram's pivot toward blockchain and digital assets has been rather turbulent. HOT Stories XRP's $2 Dream: Why History Points to a Massive 45% Breakout This May; Dogecoin Matches $1.1 Billion Bitcoin Milestone for Free; Binance Announces Mass Delisting of BTC, BNB, and ETH Pairs - Morning Crypto Report Bitwise Advisor: Bitcoin Set to Explode if It Hits $82K The legacy company first made major cryptocurrency headlines back in 2019. The company inked a strategic commercial partnership with Ripple. Advertisement Ripple made an initial $30 million equity investment in MoneyGram, piloting Ripple’s XRP-focused xRapid product. The goal of the partnership was to source on-demand liquidity and reduce the operating costs of cross-border foreign exchange settlements. However, the ambitious Ripple partnership did not work out, and it was put on hold in early 2021 due to the lawsuit from the U.S. Securities and Exchange Commission's (SEC) high-profile lawsuit. You Might Also Like Sat, 12/07/2024 - 15:00 Former Ripple Partner MoneyGram Bets on USDC By Vladislav Sopov Advertisement Still, MoneyGram didn't abandon the digital asset sector. The traditional financial player then moved its focus toward stablecoins and alternative blockchain networks. Since 2021, MoneyGram has joined forces with Stellar Development Foundation (SDF) and Circle to use the USDC stablecoin. MoneyGram's mobile app now includes an integrated stablecoin balance. The feature allows users to instantly receive digital dollars, hold them as a hedge against local inflation, and cash out at local physical branches. On top of this, MoneyGram has launched the "MoneyGram Ramps API," which makes it possible for third-party developers and non-custodial crypto wallets. #Moneygram News #Cryptocurrency Adoption