MoneyGram Launches New Crypto Service on Solana Network

MoneyGram has launched a new service on the Solana network. Users can deposit cash at a MoneyGram location and receive the corresponding amount in cryptocurrency in their digital wallet. The reverse operation is also possible: after selling cryptocurrency, users can withdraw funds in cash from a MoneyGram location.

MoneyGram Ramps operates as an application programming interface, or API. With its help, financial applications connect to MoneyGram's global network, and developers no longer need to create a separate banking system. Cash deposit operations are available in more than 25 countries, while cash withdrawals from digital wallets are available in more than 170 countries and territories.

Solana is a blockchain known for fast and low-cost transactions, frequently used for payment operations and stablecoin transactions. The new service has also been integrated into the Solana Developer Platform's payments module, which simplifies its addition to financial applications.

Rift, a trading platform, became the first Solana wallet to implement Ramps. According to MoneyGram, this is the first phase of broader service expansion on the Solana network.

Source: Yahoo Finance