Crossmint Partners With MoneyGram For Stablecoin Transfers

Crossmint has announced it is partnering with MoneyGram to assist the platform with international stablecoin transfers, according to its blog page. Earlier in the summer, the team had raised $23.6M to scale its operations for over 40,000 global clients.

The company offering a range of Web3 solutions, including wallet infrastructure, tokenization, VCs (Verifiable Credentials), has revealed it will be collaborating with global money transfer service MoneyGram to enable a new wave of payments via stablecoins.

MoneyGram will allow users to access a mobile wallet and manage their remittances digitally, giving the opportunity to convert balances stablecoin-to-fiat, such as $USDC to COP (Columbian Peso), or with other LATAM currencies where the service will be debuted. Crossmint makes it easy for large corporations to deliver funds to users all over the world.

MoneyGram is one of the largest global remittance players, currently serving over 200 countries and territories and over 150M people in the last 5 years. In a 2024 report, the company analysed that most of its users help family and friends to support during unexpected circumstances, inflation, as well as natural disasters.

This comes at a time when competitors such as Remitly and Western Union all gearing up for the next phase of cross-border payments that goes beyond physical locations and towards blockchain-native operations underpinning transfers.