MoneyGram Crypto Cash Conversions Partnerships

CEX.io, MoneyGram, and Stellar Partner for Global Crypto Cash Conversions

Expanding Crypto Access
CEX.io, a cryptocurrency exchange, has teamed up with MoneyGram and Stellar to offer users more options for converting crypto to cash and vice versa. This partnership enables customers to exchange Circle USD (USDC) for physical cash at participating MoneyGram locations, making it easier to manage both crypto and fiat currencies.

Joel Kosloski, CEX.io’s Chief Information Security Officer, said the exchange is working to bring this service to even more countries soon.

Regions and Access
The service will be available primarily in the European Economic Area (EEA), Africa, and Latin America (LATAM). Users in countries like Austria, Hungary, Ireland, Lithuania, and Poland can already deposit physical cash into their CEX.io accounts using USDC. More countries will be added over time as the partnership expands.

Stellar Network Integration
The Stellar blockchain, known for fast and affordable transactions, plays a key role in this initiative. Stellar’s technology enables easy conversion between digital USDC and traditional currencies, enhancing the versatility of payment options for CEX.io users.

Arina Dudko, CEX.io’s head of corporate payment solutions, emphasized that building on the Stellar network will expand the range of payment methods available to users.

Euro-Backed Stablecoin on Stellar
In a related development, Stellar is also set to reintroduce a euro-pegged stablecoin called EURT. This move follows new EU regulations under the Markets in Crypto-Assets (MiCA) framework, which aims to regulate stablecoins and crypto service providers. The full scope of MiCA will apply to crypto exchanges and wallet providers starting December 30, 2024.

This collaboration between CEX.io, MoneyGram, and Stellar is a significant step in making crypto conversions more accessible globally.