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OwlTing Group, a blockchain-technology company, is working with MoneyGram International Inc. to support cash-in transactions from local fiat currencies to USD Coin in its OwlPay Wallet Pro service at nearly 50,000 MoneyGram locations in 30 countries.
OwlPay Wallet Pro is a blockchain-based, unhosted digital wallet that enables cross-border transactions. USD Coin is a stablecoin backed by the dollar and dollar-denominated assets.
To enable conversion within its wallet, OwlTing is integrating OwlPay with MoneyGram Access, a global on- and off-ramp service for digital-asset wallets.
In addition to supporting cash-in transactions, OwlPay users will be able to cash-out from USDC stablecoin to fiat currencies in more than 170 countries at more than 375,000 MoneyGram locations. The integration is powered by MoneyGram Access, a global on and off-ramp service for digital-asset wallets.
In addition to its partnership with MoneyGram, OwlTing is moving all individual OwlPay wallets to the unhosted wallet model. The move will not only enhance security and accessibility, but will also allow users more access to their passphrases, the company says. The updated Wallet is available for the iOS and Android operating systems through Apple’s App Store and Google Play Store.
The partnership with MoneyGram is expected help OwlTing reach more consumers and businesses in underbanked regions of Latin America and Africa by enhancing the utility of USD Coin as a hedge against volatile fiat currencies in those regions, the company says.
Founded in 2010, OwlTing has offices in the United States, Japan, Singapore, Hong Kong, Thailand, and Malaysia.
In related news, Nuvei Corp. early Wednesday announced the launch of a blockchain-based payment solution for merchants in Latin America.
The solution, which enables businesses to use stablecoins, including USD Coin, is being launched in partnership with Rain, an issuing partner, BitGo Inc., a digital- asset custodian and wallet provider, and Visa Inc.
Nuvei expects the partnerships to provide Latin American merchants with a secure blockchain payment solution that uses stablecoins to support B2B payments through physical or virtual Visa-branded cards.
In yet other related news, Nacha, which manages the ACH network, has published a report entitled Diving into the Fundamentals of Cryptocurrency as a Form of Digital Payment. The report, published by Nacha’s Payments Innovation Alliance, outlines definitions, process flows, and the role of participants in cryptocurrency.
The report is intended to help financial institutions understand cryptocurrency so they can set policies for developing and using the digital asset, the Payment Innovation Alliance says.
The Alliance plans to develop additional resources to educate the industry about cryptocurrency fraud, security, and regulatory issues.
