Cryptocurrency

Stellar Welcomes WhiteBIT to MoneyGram Access to Enhance Crypto-to-Cash Services

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.

Read Also: Users Can Now Purchase Ethereum, Dogecoin, Stellar Lumens, and Three Others Using Coinstar Kiosks

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.

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.


Follow us on Twitter, Facebook, Telegram, and Google News

Adedoyin Aka

Adedoyin is a graduate of Law and a Crypto & Blockchain expert who strongly believes that Blockchain is the future. At TimesTabloid, she focuses on crypto and blockchain educational content.

Recent Posts

Expert Predicts $5 XRP Rally If Bitcoin Hits this Price

Ash Crypto (@Ashcryptoreal), a seasoned cryptocurrency trader, recently shared ambitious price targets for multiple digital…

3 minutes ago

Ripple CEO Reacts to Gensler Coming Resignation With “F*ck the SEC” Gesture

Prominent figures in the cryptocurrency industry, including Ripple’s CEO Brad Garlinghouse and MicroStrategy’s Executive Chairman…

2 hours ago

Ripple Says RLUSD Is Ready for Deployment, Reveals Major Cause of Delay

Ripple has announced that its new stablecoin, Ripple-USD (RLUSD), is ready for deployment, but waiting…

3 hours ago

Cardano Foundation Unveils First Financial Report With Three Key Investments

The Cardano Foundation, a nonprofit organization headquartered in Switzerland, has released its inaugural Financial Insight…

3 hours ago

Why is This New Meme Coin All You Need to Start Your Millionaire Journey Today?

Over the last few years, meme coins have gone from internet punchlines to legitimate investment…

5 hours ago

Polkadot (DOT) and Toncoin (TON) Swung High – IntelMarkets 400% Rally Since ICO Debut Spark Excitement

The bulls are back, with Bitcoin (BTC) on price discovery. Alternative cryptos are also gaining…

9 hours ago