MoneyGram integrated its Ramps service with the Solana blockchain, giving developers access to a global fiat on-ramp and off-ramp infrastructure through a single API.
MoneyGram, one of the world’s largest cross-border payments providers, announced the launch of MoneyGram Ramps within the Solana ecosystem. The integration lets developers of applications, wallets, and cryptocurrency exchanges use a single API to enable fiat to digital asset conversions without building their own banking infrastructure or navigating complex regulatory requirements.
MoneyGram Ramps is a fiat payment integration service for crypto applications. Through a single API, it enables developers to build on-ramp and off-ramp gateways using MoneyGram’s global payments network.
MoneyGram serves more than 60 million active customers, operates a network of nearly 500,000 physical locations, and reaches more than 200 countries and territories. Its services are available through billions of connected devices.
The service became part of the payment module within Solana Developer Platform, which is designed to integrate payment services into applications built on the Solana blockchain. Through MoneyGram Ramps, developers can accept cash deposits in more than 25 countries and enable cash payouts across more than 170 countries and territories.
The integration includes:
- instant API key issuance;
- access to a sandbox environment;
- documentation;
- a software development kit (SDK).
The integration doesn’t require a direct connection to banking systems, which is expected to reduce the time needed to launch financial services.
Rift became the first wallet in the Solana ecosystem to integrate the new service. Its users can now convert cryptocurrency into local currency and back through MoneyGram’s global network.
Lily Liu, President of the Solana Foundation, said MoneyGram’s infrastructure will allow developers to build globally accessible financial products on Solana, including:
- cross-border money transfer services;
- stablecoin payouts for remote employees and freelancers, with the option to withdraw funds in cash;
- humanitarian aid distribution solutions for regions with limited access to banking services.
Anthony Soohoo, Chairman and CEO of MoneyGram, said the launch of Ramps marked another step in expanding the company’s presence within the Solana ecosystem. In addition to providing payments infrastructure, MoneyGram is also a network partner and serves as a validator.
MoneyGram continues to expand its use of stablecoin settlement to improve cross-border payments. Earlier, the company became a validator for the Tempo blockchain.
