MoneyGram introduces API to bridge cash and crypto with ease
Payments network MoneyGram has unveiled MoneyGram Ramps, an API aimed to facilitate cash-to-crypto and crypto-to-cash services via a single integration.
This initiative is designed to connect digital wallets, exchanges, and fintech applications with MoneyGram's worldwide cash network, allowing for the incorporation of crypto on/off-ramp functionality on a global scale.
With this API, developers can enable cash deposits in over 30 countries and cash withdrawals in more than 170 countries via MoneyGram's network.
MoneyGram Ramps aims to streamline integration processes, lowering deployment time from months to minutes.
The setup for a sandbox environment, which previously took up to 15 days, can now be completed in approximately five minutes, the company press release stated.
The API offers immediate credentials, sandbox access, and thorough documentation, alongside software development kits (SDKs), all accessible via developer.moneygram.com.
Leveraging the Stellar blockchain and Circle's USDC, alongside MoneyGram's international network, MoneyGram Ramps acts as a conduit between physical and digital currencies.
MoneyGram CEO Anthony Soohoo "With this launch, MoneyGram is quickly becoming the connective tissue between traditional finance and the digital economy. We've taken the complexity out of integration, opening the door to seamless connection with the world's largest cash on/off-ramp for digital wallets."
"Our vision is a world without financial borders. That's why we focus on building simple, powerful tools that remove barriers to the global economy and level the playing field for all."
This development comes on the heels of MoneyGram's collaboration with Mastercard to implement Mastercard Move, which is focused on enhancing the digital movement of money both within the US and across borders.
"MoneyGram introduces API to bridge cash and crypto with ease " was originally created and published by Electronic Payments International, a GlobalData owned brand.
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