DALLAS—MoneyGram received the "Best Use of Blockchain in FinTech" honor at the recent 2023 FinTech Breakthrough Awards.
The award was presented from FinTech Breakthrough, an independent market intelligence organization.
"We're thrilled to be recognized for our progressive innovation by this prestigious awards program for the world's leading fintechs," stated Alex Holmes, MoneyGram chairman and CEO, in a statement. "As MoneyGram, we are proud of the work we're doing to pioneer cross-border payment innovation and excited about the new opportunities we're creating to connect the world's communities like never before."
This honor recognizes the company's global on/off-ramp service for digital wallets on the Stellar blockchain network, according to the company. Through a partnership with the Stellar Development Foundation (SDF), the non-profit that supports the growth of the open-source public blockchain Stellar, MoneyGram is helping to solve one of digital currencies' biggest challenges: interoperability with the traditional financial system, the company added.
‘Creating a Bridge’
By creating a bridge between digital assets and local currency, MoneyGram said it enables users to easily move cash to cryptocurrency and back to cash again. Also, for the first time, the partnership enables settlement with MoneyGram to occur in near-real-time utilizing Circle's USDC, a fully-reserved dollar digital currency, MoneyGram noted.
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