Tuesday , November 28, 2023

Eye on Crypto: A MoneyGram Launch; Wirex Partners With OnRamper; Bitget Lists PayPal’s Stablecoin

MoneyGram International Inc. announced Tuesday it will launch in the first quarter next year a non-custodial digital wallet that will support stablecoins. The wallet’s support of stablecoins—digital currency tied to the value of a national fiat currency, such as the dollar— will enable consumers to move from fiat currency to a digital currency and back again within the wallet when sending and receiving money.

Non-custodial digital wallets provide consumers with direct control over the private keys needed to manage the wallet.

Consumers can send digital assets in country and cross-border to other users in the wallet and cash out their digital assets at any participating MoneyGram location. As MoneyGram rolls out the wallet next year, it will introduce new features within the app that will help further bridge the worlds of international money transfers and blockchain payments, the company says.

In related news, cryptocurrency-payments provider Wirex USA Inc. has partnered with Onramper, a fiat-to-crypto onramp aggregator. The deal enhances accessibility for Wirex wallet users to cryptocurrencies including Bitcoin, Ethereum, and stablecoins through Onramper’s 17 cryptocurrency onramps and more than 120 local payment methods, including the automated clearing house and Stripe, across more than 190 countries. As a result, Wirex wallet users can buy hundreds of cryptocurrencies without leaving the wallet, Wirex says. The Wirex wallet is available on the Android and iOS platforms.

“By integrating Onramper’s cutting-edge technology into our platform, we are simplifying the crypto-ramping process, enabling users to seamlessly access a wide array of crypto assets with just a few taps on their mobile devices,” Wirex chief executive and co-founder Pavel Matveev says in a statement.

Also in related news, crypto-derivative exchange Bitget has begun listing on its trading platform PayPal USD, PayPal Holdings Inc.’s stablecoin issued and hosted by Paxos Trust Company LLC.

PayPal USD is a stablecoin published on the Ethereum blockchain and backed by a one-to-one equivalent of U.S. dollar bank deposits and U.S. Treasury bonds to ensure its stability.

The addition of PayPal USD (PYUSD) allows traders to execute compliant withdrawals from their account via the PayPal wallet, a feature that presents an attractive proposition for traders seeking seamless compliance solutions without compromising on cost-efficiency, BitGet says. The BitGet platform supports Visa- and Mastercard-branded credit and debit card payments in more than 20 currencies globally.

“This listing highlights our unwavering commitment to providing our users with innovative and compliance-focused options for their trading needs,” Gracy Chen, managing director at Bitget, says in a statement. “With PayPal USD, traders on Bitget can experience the benefits of a stablecoin that blends cutting-edge technology with rigorous compliance standards, all while enhancing their trading experience.”

PayPal Holdings Inc. launched PYUSD last month.

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