MoneyGram is jumping headfirst into the Web3 space by announcing the launch of a non-custodial digital wallet. This wallet will utilize stablecoin technology, allowing customers to seamlessly move funds between fiat and digital currencies.

The move into non-custodial digital wallets is in line with a growing trend among financial services providers, including major banks like Standard Chartered, DZ Bank AG, and BBVA, to embrace cryptocurrency and decentralized finance.

With the new wallet, MoneyGram customers will have the flexibility to convert their fiat money into digital currency and vice versa, bridging the gap between traditional and digital finance. Users will be able to visit MoneyGram locations worldwide to cash out their digital assets, expanding the utility of their holdings.

Moreover, the wallet will support in-wallet digital currency transfers between users, leveraging MoneyGram’s global compliance screening capabilities to ensure regulatory compliance.

Alex Holmes, MoneyGram’s CEO, emphasized the company’s commitment to connecting global communities through innovative financial solutions. MoneyGram has been actively working on blockchain access and has already become a major fiat on and off-ramp provider in the blockchain space.

This move underscores MoneyGram’s dedication to staying at the forefront of financial services by embracing Web3 technology and providing its customers with enhanced digital financial solutions. The wallet is slated for launch in the first quarter of 2024.