CEX.io, a centralized cryptocurrency exchange, has announced the integration of financial services company MoneyGram and the Stellar blockchain, a decentralized, open-source network.
The partnership will expand CEX.io users’ access to crypto cash-in and cash-out services, enabling Circle USD (USDC) conversion to physical cash and vice versa at participating MoneyGram locations.
Joel Kosloski, chief information security officer and chief information officer at CEX.io, told Cointelegraph that the exchange is “actively working” to expand the integration to more countries.
Related: CEX.IO resumes UK operations, backs stricter crypto rules
New service locational implications
The integration primarily targets cashing out and funding CEX.io accounts with USDC to customers in the European Economic Area (EEA, Africa, Latin America (LATAM), and other regions.
Users in Austria, Hungary, Ireland, Lithuania, and Poland can also use physical cash to fund their accounts, with plans to add more countries to this list over time.
Kosloski explained that the partnership with MoneyGram will allow the centralized crypto exchange to provide users with easier management of “their crypto and cash.”
Related: Euro stablecoin market surges under MiCA
Stellar network integration
The integration with the Stellar network, a blockchain designed for quick and cost-effective transactions, will play a fundamental role in the conversion process between digital and fiat currencies.
Stellar’s technology, known for tokenizing traditional currencies, will allow CEX.io to offer its users fiat-to-USDC and USDC-to-fiat services at MoneyGram participating locations.
Arina Dudko, director of Lithuania and head of corporate payment solutions at CEX.io, stated that building on the Stellar network will increase “the versatility of payment methods” accessible to users.
Related: MoneyGram to launch noncustodial crypto wallets by Q1 2024
Euro-backed stablecoin on Stellar
On Aug. 5, a partnership to re-introduce a euro-pegged stablecoin was announced, dubbed EURT, set to be launched on the Stellar network.
France-based fintech company Next Generation and Ireland-based electronic money institution Decta stated that the initiative would fully comply with the European Union’s new crypto legislation.
The EU Markets in Crypto-Assets Regulation (MiCA) framework, which focuses on stablecoins and their issuers, took effect on July 1.
The full scope of MiCA will take effect on Dec. 30 and will also encompass crypto-asset service providers (CASPs), which include exchanges, wallet providers, and other related services.
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