CEX.io Partners with MoneyGram and Stellar to Enhance Crypto Cash-In and Cash-Out Services

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Crypto exchange CEX.io has partnered with financial services company MoneyGram and the Stellar blockchain to enhance its crypto cash-in and cash-out capabilities.

The collaboration aims to provide CEX.io users with access to seamless conversion between Circle’s USD Coin (USDC) and physical cash, available at participating MoneyGram locations, the firms said in a press release shared with CryptoNews.

The integration will initially target customers across regions such as the European Economic Area (EEA), Africa, and Latin America.

Currently, users in Austria, Hungary, Ireland, Lithuania, and Poland can utilize physical cash for these services, with more countries expected to join the list soon.

Stellar’s blockchain technology will also play a key role in the partnership, enabling efficient and cost-effective transactions.

Stellar, known for facilitating the tokenization of traditional currencies, will support CEX.io’s fiat-to-USDC and USDC-to-fiat conversion processes.

The blockchain’s integration is expected to streamline these services, ensuring smooth transactions for users at MoneyGram locations.

“Our integration with MoneyGram’s cash-to-crypto service built on the Stellar network increases the versatility of payment methods available to our six million global users,” said Arina Dudko, CEX.io’s Head of Corporate Payment Solutions.

“Not only will this give customers a greater range of access points, but the two-way functionality helps extend critical services to under or un-banked participants.”