The world of crypto and fiat are not compatible today, says MoneyGram CEO

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The world of crypto and fiat are not compatible today, says MoneyGram CEO

By Hassan Maishera - min read

The cryptocurrency market has recorded massive growth in recent years but there is still a long way to go to achieve worldwide adoption.

MoneyGram CEO Alex Holmes believes that there is still a long way to go to achieve compatibility between cryptocurrencies and fiat currencies.

Holmes made his opinion known during a recent interview with Bloomberg. He stated that at the moment, the world of cryptocurrencies and the world of fiat currencies are not compatible. He stated that;

“The world of crypto and the world of fiat are not really compatible today. We’re trying to be a bridge from the crypto world to the fiat world.”

MoneyGram is looking to bridge this gap and intends to ensure that the world of cryptocurrencies and fiat currencies are compatible.

The payments company recently announced a strategic partnership with Stellar, a leading blockchain project. The partnership will ensure that people with digital wallets on the Stellar blockchain can convert their assets into Circle’s USDC stablecoin before proceeding to cash out through MoneyGram. 

The cryptocurrency market has been underperforming in recent months. The total cryptocurrency market cap reached an all-time high of $3 trillion in November 2021. However, the market has lost more than 50% of its value since then and the total market cap currently stands above $1.2 trillion.

Bitcoin, the world’s leading cryptocurrency, is down by more than 50% from its all-time high and trades around $30k at the moment.

Despite the bearish sentiment in the market, the adoption rate continues to grow. The innovation in the market has been growing over the past few months, with numerous projects rolling out interesting upgrades, products, services and partnerships during that period. 

Numerous traditional financial institutions including MoneyGram, Visa, Mastercard, PayPal and Stripe have entered the cryptocurrency market in recent years.

The market is expected to record further growth over the coming years as more entities enter the space.