Next phase of digital transformation opens MoneyGram’s leading global money transfer network and API-driven infrastructure to new businesses and use cases
The launch begins with a successful integration of the G-Coin token to provide consumers with a new way to access digital gold assets backed by blockchain technology.
MoneyGram International, Inc., a global leader in money transfers and cross-border person-to-person payments, announced the introduction of “MoneyGram as a Service,” a new line of business that enables other businesses to access its leading global money transfer network through its API-driven infrastructure and best-in-class technology. With this launch, enterprise-grade customers can now take advantage of MoneyGram’s core capabilities as productized service offerings to meet their diverse business needs, quickly add services, and scale. The new commercial line represents a significant growth opportunity for MoneyGram as it enters a market estimated at USD 17.
“Today we enter the next phase of our digital transformation, opening our modern API-driven mobile platform to new businesses and use cases with the launch of MoneyGram as a Service,” said Alex Holmes., President and CEO of MoneyGram. “In response to strong market requirements, we have developed this processing model to allow other companies to access our extensive network, and we are excited to open our platform to G-Coin. This alliance is part of our strategy to capture new revenue through monetizing our capabilities, and we have high expectations for the innovative potential of blockchain-backed digital assets, as we continue to lead the evolution of person-to-person digital payments. ”
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The launch begins with the successful integration of an alliance with Emergent Technology Ltd, owner and operator of the digital token G-Coin, to enable quick and easy collection and settlement operations for the purchase and sale of digital gold. The alliance uses MoneyGram’s new commercial line to give consumers greater access to G-Coin tokens at thousands of new physical points of sale. G-Coin enables people from owning fractions of a kilobar of Responsible Gold to save, send or spend gold in the form of fiat money. G-Coin’s digital innovation combined with MoneyGram’s unique global platform will make digital assets more accessible to millions of consumers.
G-Coin Brings Gold Into the Digital Age
A G-Coin token is the title deed to a conflict-free and responsibly sourced portion of gold stored in a secure vault. The direct link between G-Coin tokens and physical gold offers a stable instrument for hedging the currency. G-Coin operates on a third-generation custom blockchain, which also provides a reliable ecosystem for a faster medium of exchange and that complies with anti-money laundering (AML) regulations and with environmental, social and governance (ESG) criteria. ).
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“We created the G-Coin token to make physical gold useful and make it more accessible to the mass market, either as an alternative to safeguard value or as a stable medium of exchange,” said Brent de Jong , president and founder of G-Coin. “This alliance with MoneyGram, a leading global money transfer company, confirms that digital assets are rapidly integrating into mainstream financial services, and gives us the additional collection and settlement infrastructure we need to reach global markets.”
With a shared goal of financial inclusion, the integration of MoneyGram and G-Coin provides customers who previously had little opportunity to own and use gold a quick and easy way to buy or sell digital gold tokens for cash. MoneyGram’s presence in the retail business and its collection and settlement capabilities provide the infrastructure to make G-Coins accessible to millions of people. The service is expected to be available at select MoneyGram locations in the United States from the beginning of April, with plans to expand to international markets during 2021.
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