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MoneyGram revolutionizes money transfers: USDC now available in Colombia!
MoneyGram integrates Crossmint for instant USDC transfers to Colombia, simplifying cross-border payments.
MoneyGram revolutionizes money transfers: USDC now available in Colombia!
MoneyGram, a leader in international money transfers, recently integrated Crossmint's wallet infrastructure into its payment system. This strategic partnership enables the instant conversion and settlement of remittances in USDC for recipients in Colombia, representing a significant advance in the field of cross-border money transfers. Loud Crypto News Recipients in Colombia can hold funds in USDC and withdraw them in pesos at over 6,000 locations or use them globally via future card integrations.
The integration, announced in a press release on September 17, comes at a time when demand for fast and cost-effective money transfers is increasing. Recipients in Colombia now have the ability to receive US dollars converted to USDC in Crossmint-controlled wallets. This new function makes it possible to avoid delays and costs in cross-border money transfers.
Advantages of cooperation with Crossmint
Crossmint's platform provides an end-to-end solution that not only ensures compliance, scalability and security, but also simplifies the adoption of stablecoins on MoneyGram. MoneyGram's decision to partner with Crossmint is based on its effective end-to-end system for minting, settlement and withdrawals, as well as embedded compliance checks (AML and KYC). This partnership allows MoneyGram to avoid multiple providers and get to market faster.
The ability to hold savings in USDC also provides recipients with potential protection against the volatility of the local currency. Alternatively, they can withdraw their USDC immediately into Colombian pesos. The integration of future technologies will allow users to spend their USDC globally online or in person via linked Visa or Mastercard debit cards.
Crossmint, backed by investors like Ribbit Capital and Franklin Templeton, is a platform that allows businesses to integrate crypto through familiar Web2 tools. Crossmint's customers include large institutions such as Visa, NBC, Santander and Sony, and the platform serves over 40,000 developers with its API-driven solution. This reflects confidence in Crossmint’s capabilities and highlights the importance of this partnership in the context of the ever-evolving financial sector.