Converting cryptocurrencies into cash can be an expensive and potentially time consuming process, and while there are a variety of digital solutions, there are few options that allow people around the world to turn their crypto holdings into hard fiat currency. However, remittance major MoneyGram has been taking on the challenge as part of a growing partnership with blockchain player the Stellar Development Foundation.

Per a press release shared with Bitcoinist, MoneyGram and Stellar are strengthening their cooperation. The payment company has begun the deployment of a crypto-to-cash service on this blockchain. This product will operate as the “first of its kind global on and off-ramp” service.

MoneyGram International Inc. said it is partnering with the Stellar Development Foundation to roll-out of a global on/off-ramp service for digital wallets to increase the utility of digital assets by creating a bridge between cash and cryptocurrencies.

MoneyGram, the money transfer company known for peer-to-peer payments, is launching an on- and off-ramp service for digital wallets. This will make it easy for digital wallet customers to move between fiat to cryptocurrency to fiat again, without needing a bank account or credit card, the company said in a press release.

Consumers will soon be able to convert fiat money into crypto at MoneyGram locations worldwide, opening up access to people without bank accounts or credit cards. The lack of solid crypto on- and off-ramps — rails for efficiently converting dollars, yen, euros and other currencies into tokens — is a bottleneck that has held back the industry’s growth.

MoneyGram International and Mobily Pay, a mobile wallet powered by Saudi-based telecommunications and digital service provider Mobily, announced a partnership to launch MoneyGram’s international money transfer capabilities on Mobily Pay. This partnership empowers consumers in Saudi Arabia to use the Mobily Pay mobile wallet to send money in near real-time around the world.

MoneyGram International on Thursday (June 2) announced a partnership with Saudi Arabia-based mobile wallet Mobily Pay that will bring MoneyGram’s international money transfer capabilities to Mobily Pay, giving users the ability to send money around the world in near real time.

MoneyGram International, Inc. (NASDAQ: MGI), a global leader in the evolution of digital P2P payments, and Mobily Pay, a pioneering mobile wallet powered by leading Saudi-based telecommunications and digital service provider Mobily, today announced a partnership to launch MoneyGram's leading international money transfer capabilities on Mobily Pay.

One of the largest money-transfer services in the U.S. is attempting to broaden the adoption of digital currencies. MoneyGram International is preparing to launch a service in partnership with the Stellar blockchain that would allow users to send stablecoins and easily convert them to hard currency.

One of the largest money-transfer services in the US, MoneyGram aims to launch a new service that would enable users to transfer money overseas via stablecoins. The plan is in collaboration with the Stellar (XLM) blockchain, a decentralized protocol specializing in cross-border transfers, and it would allow users to change their stablecoins to actual currency at MoneyGram agent locations.