Stellar, a major competitor to Ripple, has announced that cryptocurrency exchange WhiteBIT has joined MoneyGram Access. This collaboration expands the MoneyGram Access platform by providing WhiteBIT users with convenient crypto-to-cash services in supported locations throughout Ukraine.
MoneyGram Access is a MoneyGram product that runs on the Stellar network. It provides a way for digital wallets and fintech apps to provide financial services to people who do not have access to traditional banks. Users can easily convert physical cash to digital dollars and vice versa using their wallets and financial apps.
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By integrating WhiteBIT into MoneyGram Access, businesses can now offer their customers fast and cost-effective transactions using USDC on the Stellar network. Crypto wallet providers, crypto exchanges, and fintech app developers are among the businesses that can benefit from this service. It is important to note that businesses interested in using MoneyGram services must go through an onboarding process.
We're thrilled to announce that @WhiteBit has become the newest partner to join MoneyGram Access!
With this integration, WhiteBit is able to offer users access to @MoneyGram's crypto-to-cash off-ramps across participating locations in Ukraine.https://t.co/tqNTIcUbls
— Stellar (@StellarOrg) July 5, 2023
In addition, WhiteBIT joins MoneyGram Access as its sixth partner. Vibrant, Lobstr, Circle, Decaf, and Beans are among the other platforms that use the platform’s capabilities.
While Stellar and Ripple are fierce competitors, it is worth noting that Stellar was founded in 2014 by Jed McCaleb, who was also a co-founder of Ripple. After a disagreement with Ripple management in 2014, McCaleb left the company, taking with him his share of XRP, which accounted for approximately 9% of the coin’s supply. Over the next eight years, McCaleb gradually sold his XRP holdings, finally emptying his account in July 2022.
It is also worth noting that MoneyGram was formerly a major Ripple partner. The collaboration between the two companies was significant, with Ripple investing whopping funds to purchase MoneyGram’s equity. Additionally, MoneyGram used Ripple’s On-Demand Liquidity (ODL) solution for cross-border settlements, which involved XRP.
However, this collaboration came to an end in 2021. Following the SEC’s lawsuit against Ripple for alleged violations of federal securities laws, MoneyGram stopped using ODL for cross-border settlements. As a result, Ripple ended the agreement in March 2021 and sold all of its shares.
Following the split, MoneyGram formed a new partnership with Stellar in October 2021. The collaboration has managed to introduce innovative products and services, further strengthening the two companies’ partnership.
Read Also: Ripple CTO David Schwartz Takes a Dig at Stellar Lumens to Show that XRP is Bigger than XLM
Benefits of Stellar’s Partnership with WhiteBIT for MoneyGram Access
The collaboration between Stellar and WhiteBIT on MoneyGram Access benefits the crypto community in a number of ways. They are working together to expand the reach of crypto-to-cash services in Ukraine, providing users with greater accessibility and convenience. With the integration of WhiteBIT and MoneyGram Access, users can easily convert their cryptocurrencies into cash and vice versa, opening up new possibilities for everyday transactions.
In addition, this collaboration enhances MoneyGram Access as a platform with WhiteBIT joining a network of service partners. Businesses in the crypto industry, such as wallet providers, exchanges, and fintech developers, can use MoneyGram Access to provide fast and low-cost transactions on the Stellar network using USDC. This collaboration demonstrates the power of decentralized networks to transform the financial landscape and increase financial inclusion for everyone.
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