Moneygram, a prominent global money transfer entity, has unveiled its intentions to debut a non-custodial digital wallet. This initiative is a collaboration with the Stellar Development Foundation. The primary functionality of this wallet will be to facilitate users in transitioning between fiat and cryptocurrencies when conducting international payments.

Scheduled for rollout in Q1 2024, the digital wallet will empower Moneygram clientele to liquidate their digital assets at any associated Moneygram outlet globally. A standout feature of this wallet will be the capability for users to transmit digital currencies to other wallet holders. Notably, all users of the wallet will be subject to Moneygram’s compliance checks, a point that might raise concerns among privacy enthusiasts.

Expressing his thoughts on this development, Alex Holmes, Moneygram’s CEO, stated, “Today marks another milestone in our overarching goal to bridge global communities by providing our customer base with groundbreaking financial tools. The introduction of our non-custodial digital wallet further propels us towards achieving this objective.”

For a limited time, up until June 2024, users will not be charged any fees for the wallet service. The wallet’s backbone will be the Stellar blockchain infrastructure, and it will seamlessly blend with Moneygram’s existing systems for entering and exiting fiat currencies. Moneygram envisions broadening the spectrum of the wallet’s functions post its initial launch by integrating additional features that synergize traditional money transfers with blockchain-based transactions.

The non-custodial wallet is the latest in a series of crypto-centric endeavors by Moneygram. Last year, the firm introduced a crypto-to-cash service using USDC. Furthermore, in November, the company integrated features in its money transfer application, enabling customers to transact in cryptocurrencies. This wallet is the latest initiative to democratize access to digital currencies for its users.