MoneyGram wins “Best Use of Blockchain in FinTech” at the 2023 FinTech Breakthrough Awards
The company has been recognized for bringing real blockchain applications to life with the first of its kind global on/off ramp service for digital wallets
This prestigious international awards program celebrates outstanding financial technology products and companies
DALLAS, March 27, 2023 /PRNewswire/ — MoneyGram International, Inc. (NASDAQ: MGI) (“MoneyGram” or the “Company”), a leading global financial technology company connecting the world’s communities, has been named the winner of the “Best Use of Blockchain in FinTech” award at the FinTech Breakthrough Awards 2023. This program is conducted by FinTech Breakthrough, an independent market intelligence organization that recognizes the best companies, technologies and products in the global fintech market today.
“We are thrilled to be recognized for our progressive innovation by this prestigious awards program for the world’s leading fintechs,” said Alex Holmes, MoneyGram chairman and CEO. “At MoneyGram, we’re proud of the work we’re doing to pioneer cross-border payments innovation and excited about the new opportunities we’re creating to connect the world’s communities like never before.”
This honor recognizes the company’s first-of-its-kind global on/off ramp service for digital wallets on Stellar’s blockchain network. Through an innovative partnership with the Stellar Development Foundation (SDF), the non-profit organization supporting the growth of the public open source blockchain Stellar, MoneyGram is helping to solve one of digital currencies’ biggest challenges: interoperability with the traditional financial system.
“The Stellar Development Foundation’s mission is to create equitable access to the global financial system using blockchain technology,” said Denelle Dixon, Managing Director and CEO of SDF. “Our partnership with MoneyGram is a great example of how we can remove friction and improve user choice and access to financial services, by recognizing our complementary strengths and working together to deliver new utility to the world.”
By creating a bridge between digital assets and local currency, MoneyGram allows users to seamlessly move cash to cryptocurrency and back to cash again. Consumers who depend on cash for their livelihoods can now access the digital economy by visiting participating MoneyGram retail locations worldwide. Also, for the first time, this partnership enables near-real-time settlements with MoneyGram using Circle’s USDC, a fully reserved digital dollar currency.
“We believe that blockchain technology has the potential to change how money moves around the world,” Holmes continued. “One of the biggest obstacles we face in the cross-border payments industry is liquidity trapped due to pre-funding requirements and overnight settlement. However, settlement through tokenization can ultimately streamline the current process and increase efficiency, creating tremendous opportunity in the world of financial services.”
The FinTech Breakthrough Awards is the premier awards program founded to recognize fintech innovators, leaders and visionaries from around the world in a range of categories including digital banking, personal finance, payments, investments and more.
“MoneyGram distinguished itself as an organization that embraces self-disruption by integrating with next-generation technology to best serve its customers’ evolving digital needs,” said James Johnson, CEO of FinTech Breakthrough. “Congratulations to MoneyGram for being our choice for the ‘Best Use of Blockchain in FinTech’ award!”
About MoneyGram International, Inc.
MoneyGram International, Inc. is a global financial technology company that enables consumers and businesses to move and manage money in nearly every country around the world. Through its expansive set of fintech offerings, MoneyGram empowers millions of consumers annually to seamlessly send money home to family and friends, store money in mobile wallets, and buy, sell and hold cryptocurrencies on its industry-leading app. The company’s innovative cross-border platform enables for customers to send money directly to bank accounts and mobile wallets or cash-in and cash-out more than 135 currencies and numerous cryptocurrencies through one of the largest cash distribution networks in the world. Modern, mobile and API-powered, MoneyGram’s white-label remittance service also enables some of the world’s top brands and organizations to disburse funds directly to their consumer customers. Located in Dallas and known for its strong corporate culture globally, MoneyGram has been named a Best Places to Work recipient USA award for two consecutive years, an honor based solely on employee feedback.
About FinTech Breakthrough
Part of Tech Breakthrough, a leading market intelligence and recognition platform for technology innovation and leadership worldwide, the FinTech Breakthrough Awards program is dedicated to honoring excellence in financial technologies and services, companies and products. The FinTech Breakthrough Awards provide public recognition for the achievements of FinTech companies and products in categories including payments, personal finance, wealth management, fraud protection, banking, lending, RegTech, InsurTech and more. For more information visit FinTechBreakthrough.com.
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