MoneyGram is bringing its global cash network directly into the Solana ecosystem, launching MoneyGram Ramps on the blockchain and giving wallets, exchanges and other applications a new way to connect digital assets with physical cash.
The rollout puts MoneyGram's established payments infrastructure behind a single integration designed for Solana applications. According to MoneyGram, developers can use its rails to enable cash deposits in more than 25 countries and cash withdrawals across more than 170 countries and territories, while MoneyGram handles identity verification, compliance, settlement and fiat payouts.
MoneyGram acts a bridge between blockchain-based assets and the traditional cash economy.
The first Solana wallet to integrate the service is Rift, according to MoneyGram's announcement.
The move is significant because of MoneyGram's unusual history in blockchain payments. The company was once one of Ripple's most prominent commercial partners, later became a major participant in Stellar's stablecoin ecosystem, and is now expanding its infrastructure onto Solana.
From Ripple to Stellar
MoneyGram's blockchain story began well before its arrival on Solana.
In January 2018, MoneyGram and Ripple announced an agreement to pilot XRP in MoneyGram's payment flows. The companies said they would explore using Ripple's xRapid system for on-demand liquidity, with XRP serving as the bridge asset between currencies.
The relationship became substantially deeper in 2019. Ripple and MoneyGram announced a strategic partnership under which Ripple would become MoneyGram's key partner for cross-border payment and foreign-exchange settlement using digital assets. Ripple also agreed to provide a capital commitment of up to $50 million in exchange for equity over the two-year term. MoneyGram separately described the arrangement as involving its use of Ripple's xRapid product and XRP for foreign-exchange settlement.
The partnership ultimately ended in March 2021. Ripple said the two companies had mutually decided to terminate their agreement, while noting that they had processed billions of dollars through RippleNet and its On-Demand Liquidity product.
MoneyGram did not abandon blockchain payments after leaving Ripple. Instead, its next major blockchain relationship was with the Stellar Development Foundation. Recently, it became a validator on the Stellar network.