Cash-Based Humanitarian Assistance System for People in Ukraine, Powered by Stellar Network, Circle’s USDC, MoneyGram

MoneyGram (NASDAQ: MGI) is pleased to support our partners at the Stellar Development Foundation (SDF) on the launch of Stellar Aid Assist, which is described as “a first-of-its-kind blockchain-powered aid disbursement system that delivers relief funds quickly, affordably and efficiently to individuals in crisis.”

As explained in an update shared with CI, Stellar Aid Assist “enhances existing cash assistance efforts by making it possible for organizations to distribute Circle’s USD Coin (USDC), a digital dollar backed by fully reserved assets, directly into an individual’s digital wallet.”

Then, individuals are able “to convert their USDC into cash and withdraw funds at any time at MoneyGram locations around the world.”

Alex Holmes, MoneyGram Chairman and CEO, said:

“In today’s rapidly evolving world, it can be expensive and time-intensive to set up operational structures and individual banking partnerships that enable cash disbursements around the globe. Because of that, many nonprofits and NGOs have unfortunately faced limitations when looking to provide aid in times of crisis.”

As mentioned in the update:

“MoneyGram has been used by millions around the world to secure life’s essentials for their families for over 80 years. Now, organizations can instantly scale their cash distribution efforts by leveraging our global licensure and infrastructure to pay out across our network. We’re thankful to work alongside the Stellar Development Foundation and humanitarian organizations around the world to help deploy aid quickly to families in need.”

Recently, the UN Refugee Agency (UNHCR) and the International Rescue Committee (IRC) both reportedly “announced separate successful pilots of this system to help the people of Ukraine.”

These programs “enable displaced and impacted people throughout the country to receive cash assistance even if they do not have access to a bank account or credit/debit card.”

MoneyGram claims it has “has over 4,500 locations throughout Ukraine where individuals can withdraw their funds.”

As covered recently MoneyGram International, Inc., a global player in the evolution of digital P2P payments, announced the launch of “a new service enabling consumers to buy, sell and hold cryptocurrency via the MoneyGram mobile app.”

This new and innovative feature “gives MoneyGram customers in nearly all U.S. states and the District of Columbia1 the ability to trade and store Bitcoin (BTC), Ethereum (ETH) and Litecoin (LTC) by using the company’s mobile app.”

This is “the latest crypto-related service launch from a company bringing real-world cryptocurrency and blockchain use cases to life.”

Sponsored
Sponsored Links by DQ Promote

 

 

Send this to a friend