Global payments company MoneyGram has become a validator on the Solana blockchain and joined the Solana Developer Platform, marking its entry into the Solana ecosystem.
The move expands MoneyGram's blockchain payments strategy and makes Solana the third network where it operates an official validator, alongside Tempo and the Midnight Network, MoneyGram CEO and Chairman Anthony Soohoo told The Block.
"As blockchain infrastructure becomes increasingly important to global payments, we believe institutions that rely on these networks should also contribute to their security, resilience, and long-term development," Soohoo said. "By becoming a validator, MoneyGram contributes to the long-term strength of the ecosystem."
Operating a validator allows MoneyGram to stake SOL tokens, process transaction blocks, and contribute to the security and performance of the Solana network. Joining the Solana Developer Platform gives MoneyGram access to tools for building and launching financial products on Solana alongside institutions, including Mastercard.
MoneyGram has already built some blockchain-based payment products and partnerships over the years. Its MGUSD stablecoin is built with partners including Stripe-owned Bridge, Crossmint, Fireblocks, M0, and Stellar. Since 2021, MoneyGram and Stellar have launched stablecoin cash on- and off-ramps, the MoneyGram Ramps API, and in-app stablecoin balances, Soohoo noted. The company also recently expanded its off-ramp services through a partnership with crypto exchange Kraken.
