MoneyGram Reveals New Service For Enterprises
- ‘MoneyGram as a Service’ will enable enterprises to access the company’s vast network.
- The integration with G-Coin will offer access to gold as a hedge against currency risk.
MoneyGram sign in Bansko, Bulgaria, 1 March 2017. Shutterstock
According to the company’s press release, the new product, called “MoneyGram as a Service”, will enable companies to access its global money transfer network. Companies will gain access to MoneyGram’s API-driven infrastructure and technology, enabling them to add new services and scale their businesses.
The product will enable MoneyGram to enter a market estimated to reach $17 billion in value by 2024, with a compound annual growth rate of around 24% in the next three years.
MoneyGram was able to open up third-party access to its network thanks to a collaboration with Emergent Technology, the owner and operator of the G-Coin digital token, a digital asset representing ownership over a conflict-free and responsibly sourced gold.
Alex Holmes, the chairman and CEO of MoneyGram, said the partnership with G-Coin is part of the company’s strategy to capture new revenue. To continue developing digital P2P payments, the company wants to capture the innovative potential of blockchain-driven digital assets, he explained in the press release.
Brent de Jong, the chairman and founder of G-Coin, said their partnership with MoneyGram confirms that digital assets are rapidly integrating into mainstream financial services. MoneyGram’s vast outreach and new enterprise-focused product will make G-Coin accessible to a significant amount of new users, most of which will be looking into alternative assets as a stable instrument for currency hedging.
The fact that G-Coin is compliant with Anti Money Laundering (AML) and Environmental, Social, and Governance (ESG) regulation will make it attractive to enterprises, the companies said in the release.
- The partnership will see MoneyGram connect its network to the Stellar blockchain, allowing connected wallets to access its global retail platform.
- The financial service company will also work with Circle to enable “near-instant backend settlement” using the USDC stablecoin.
Shutterstock
- The collaboration between the payment service provider and Coinme will allow U.S. customers to buy and sell Bitcoin at 12,000 locations across the country.
- While initially targeting U.S. customers, the new service will also be available at “select international markets” by the end of the year.
- Officially announced in June 2019, the partnership between the two firms has “processed billions of dollars through RippleNet and On-Demand Liquidity”.
- The fallout between the two firms did not come as a surprise, with MoneyGram having suspended its agreement with Ripple back in February.