Stellar, a large competitor to Ripple, recently announced that cryptocurrency exchange WhiteBIT had joined MoneyGram Access; a platform that runs on the Stellar network. Thanks to this collaboration users in supported locations throughout Ukraine now have convenient access to crypto-to-cash services. Businesses like crypto wallets and financial applications can also take advantage of this integration, providing fast and cost-effective transactions using USDC on the Stellar network.
WhiteBIT is the sixth partner of MoneyGram Access, joining fellow such platforms as Vibrant, Lobstr, Circle, Decaf, and Beans. Jed McCaleb, the founder of Stellar, was also a former co-founder of Ripple. Sparring between the two competitors arose when McCaleb took with him a portion of XRP as he left Ripple due to a disagreement. The ensuing years McCaleb proceeded to sell off all of his XRP holdings, with the final account empty until this past July 2022.
Around 2021, MoneyGram broke off its connection with Ripple shortly after the SEC filed a lawsuit against them. Then, in October 2021, the company joined with Stellar. Through this collaboration MoneyGram entrepreneurs have introduced several fresh and beneficial products and services. As well, transactional comfort and access to crypto-cash are still expanding in Ukraine.
Thanks to MoneyGram Access and this incorporation of WhiteBIT, users can quickly and easily convert their cryptocurrencies into easy and accessible cash. Moreover, several businesses in the crypto thana reasonable fee area are able to utilize this service. Those creating wallets, exchanges, and supporting applications will benefit largely thanks to cost-effective settlements with USDC on the Stellar network.
The new lines of fintech spearheaded by stellar and WhiteBIT represents the success of decentralized networks in transforming the current financial landscape, opening up opportunities and grants people better financial inclusion. Regular people and entrepreneurs alike have far more possibilities in their financial industry exploration.