CEX IO Partners with MoneyGram, Stellar For Crypto Service

CEX IO Partners with MoneyGram and Stellar for Crypto Conversions

CEX.io, a leading centralized cryptocurrency exchange, has announced a significant partnership with MoneyGram, a global financial services company, and the Stellar blockchain, a decentralized network. This collaboration aims to make it easier for users to convert between crypto and cash, particularly focusing on USDC, a popular stablecoin. This move will expand CEX.io's services, allowing for cash-in and cash-out options at participating MoneyGram locations.

Expanding Global Access to USDC Conversion

Through this partnership, CEX.io users will be able to easily convert Circle USD (USDC) to physical cash and vice versa. This will be available at MoneyGram locations worldwide, providing a more accessible option for managing crypto. Joel Kosloski, CEX.io’s Chief Information Security Officer and Chief Information Officer, shared that the exchange is actively working on expanding this service to more regions, further enhancing user convenience.

Targeting Key Regions for Crypto-Cash Integration

The integration primarily targets users in the European Economic Area (EEA), Africa, and Latin America (LATAM). Countries such as Austria, Hungary, Ireland, Lithuania, and Poland are among the first to benefit from these services, with plans to add more locations over time. Users in these regions will be able to fund their CEX.io accounts or cash out using USDC at MoneyGram locations, bridging the gap between crypto and traditional finance.

Stellar Network’s Role in Seamless Conversion

The Stellar blockchain plays a key role in this partnership. Known for its fast and low-cost transactions, Stellar’s technology will facilitate the conversion between digital currencies and physical cash. This integration allows CEX.io to offer seamless USDC-to-fiat and fiat-to-USDC conversions at MoneyGram locations, enhancing user experience. According to Arina Dudko, Director of Lithuania and Head of Corporate Payment Solutions at CEX.io, this partnership will provide more versatile payment methods to CEX.io users.

A New Era of Euro Stablecoins on Stellar

In addition to the USDC integration, a euro-pegged stablecoin (EURT) will soon launch on the Stellar network. This initiative, a collaboration between fintech company Next Generation and electronic money institution Decta, will comply with the European Union’s Markets in Crypto-Assets Regulation (MiCA). This new framework, which took effect in July 2024, is expected to further shape the stablecoin market and enhance compliance within the EU.

This partnership marks a major step forward in connecting the crypto world with traditional financial services.

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