CompoSecure, a payment card and security solutions provider, has announced the integration of its Arculus Cold Storage Wallet with MoneyGram Access.
In a press release published last Monday, April 21, by CompoSecure, it was noted that the mentioned move allows consumers to convert physical cash into digital USDC stablecoins and withdraw cash at MoneyGram locations around the world.
The announced integration will also enable users to deposit cash at participating MoneyGram locations and receive Circle USDC on the Stellar blockchain, which can be managed within the self-custody Arculus crypto wallet. Also in this case, consumers can withdraw local currency from their digital USDC holdings in more than 440,000 MoneyGram retail locations in more than 200 countries and territories.
Adam Lowe, chief product and innovation officer at CompoSecure and Arculus, stated that the mentioned solution may be particularly appealing to those who face a lack of access to traditional banking services. In this context, it was also noted that the mentioned company is bringing efficient and alternative technologies to millions of unbanked individuals without ready access to traditional banking and providing them with security and flexibility.
Moreover, Adam Lowe stated that the announced integration enables people to convert physical cash into digital dollars on the highly performant Stellar blockchain and store this virtual money securely, giving them complete autonomy and control over their assets.
Besides, CompoSecure received a grant from the Stellar Development Foundation (SDF) to develop Soroban smart contracts for the Stellar blockchain. In this case, stablecoin holders will be able to make payment transactions directly from self-custody wallets at merchants that accept Visa or Mastercard.
As we have reported earlier, MoneyGram Implements Mastercard Move.
