Key Takeaways
- CEX.IO is collaborating with MoneyGram.
- MoneyGram’s partnership with CEX.IO marks its first-ever collaboration with a global cryptocurrency exchange.
- CEX.IO customers across 152 countries will be able to convert their USDC for cash.
CEX.IO has become the first crypto exchange to integrate MoneyGram’s international money transfer infrastructure to enable users across 152 countries to exchange digital assets for fiat currencies.
The integration, powered by the Stellar network, aims to make it easier for users to enter and exit the crypto market, particularly in regions with limited financial infrastructure.
By streamlining the onboarding and off-ramping process, CEX.IO looks to address a longstanding pain point for crypto users and help bridge the gap between the crypto ecosystem and traditional finance, which has been cautious about engaging with the sector due to regulatory uncertainty.
CEX.IO To Allow USDC Conversion To Cash
In a press release shared with CCN, CEX.IO revealed that to use the service, users must provide personal information, including the address of their nearest MoneyGram kiosk or office, after which they can withdraw their USDC in cash.
Additionally, customers will also be able to convert their cash into USDC and add it to their exchange wallet using MoneyGram’s partner offices.
Availability of this feature, however, is currently restricted to select European markets, including Austria, Hungary, Ireland, Lithuania, and Poland.
CEX.IO’s crypto-to-cash conversion services will be available in 152 countries across several regions, including the EEA, Africa, EMEA, and LATAM. However, some major markets are absent, such as the United States, the United Kingdom, Pakistan, Singapore, Iran, Japan, and Russia, among others.
Arina Dudko, Director of Lithuania and Head of Corporate Payment Solutions at CEX.IO said the exchange has always sought partners to offer off-ramp services.
“Our integration with MoneyGram’s cash-to-crypto service built on the Stellar network increases the versatility of payment methods available to our six million global users. Not only will this give customers a greater range of access points, but the two-way functionality helps extend critical services to under or un-banked participants.”
CEX.IO will offer its USDC withdrawal service for free through the remainder of 2024, the company told CCN.
Made Possible By Stellar
CEX.IO’s MoneyGram integration wouldn’t have been possible without Stellar.
Stellar and MoneyGram jointly developed MoneyGram Access, the partnership’s underlying technology, in 2022.
MoneyGram Access leverages the Stellar blockchain, its financial network, Stellar-compatible crypto wallets, and USDC to facilitate the exchange of USDC for cash and vice versa.
MoneyGram’s entry into the crypto space dates back to 2019, when it partnered with Ripple. However, MoneyGram terminated the partnership in the wake of a Securities and Exchange Commission (SEC) lawsuit against Ripple, which led to a significant reputational and financial blow to the company.
Prashant Jha is a seasoned crypto journalist based in Delhi, India, with a Bachelor’s Degree in Computer Science Engineering. Passionate about the evolving world of blockchain and cryptocurrencies, he has been a dedicated voice in the industry since 2018. Prashant’s expertise lies in regulatory reporting, where he unravels complex legal and financial developments with clarity and precision. Before joining CCN in 2024, he honed his craft at Cointelegraph, establishing himself as a trusted name in crypto journalism.
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