Stellar announcedthat the WhiteBIT cryptocurrency exchange has become the latest partner to join MoneyGram Access. WhiteBIT became the sixth partner to join MoneyGram Access. Other service partners include Vibrant, Lobstr, Circle, Decaf and Beans.
MoneyGram Access is a MoneyGram product powered by the Stellar network. The solution allows digital wallets and fintech applications to make money available to those who do not use banking services.
Customers can easily convert their physical money to digital dollars and vice versa from their wallets and apps.
By integrating with MoneyGram Access, businesses can offer their customers low-cost and fast transactions using USDC on the Stellar network.
Companies that can use this service include crypto wallet providers, crypto exchanges, and fintech app developers. It is worth noting that MoneyGram requires businesses to go through a registration process before using the services.
Rivalry between Stellar and Ripple
It is no secret that Stellar and Ripple are competitors in the market. Stellar was founded by Jed McCaleb in 2014, McCaleb left Ripple, which he co-founded, in 2014 after falling out with the company’s management.
Interestingly, McCaleb left Ripple with his share of XRP, which equaled roughly 9% of the coin supply. For eight years, McCaleb continued to sell his XRP holdings and finally devastated your account in July 2022.
It is worth noting that MoneyGram used to be the main partner of Ripple. The collaboration lasted for several years. While Ripple invested huge sums in the purchase of MoneyGram shares, the company used the company’s solutions for cross-border settlements.
However, the collaboration ended in 2021, weeks after the SEC sued Ripple for allegedly violating federal securities laws. The move also includes Ripple selling all of its MoneyGram shares.
After that, MoneyGram officially became a partner Stellar in October 2021.