The cryptocurrency market has registered massive growth in recent years, but there is still a long way to go for 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 recently expressed his opinion during a interview with bloomberg, He said that at the moment, the world of cryptocurrencies and the world of fiat currencies are not compatible. They said that;
“The world of crypto and the world of fiat are not really compatible today. We are trying to be a bridge from the crypto world to the fiat world.”
MoneyGram is trying to bridge this gap and intends to ensure that the worlds of cryptocurrencies and fiat currencies are compatible.
The payments company recently announced a strategic partnership with leading blockchain project Stellar. The partnership will ensure that people with digital wallets on the Stellar blockchain can convert their assets into Circle’s USDC stablecoin before cashing out via 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 since lost more than 50% of its value and the total market cap is currently above $1.2 trillion.
Bitcoin, the world’s leading cryptocurrency, is down more than 50% from its all-time high and is currently trading at around $30k.
Despite the bearish sentiment in the market, the adoption rate continues to rise. Innovation has been on the rise in the market over the past few months, with many projects launching interesting upgrades, products, services and partnerships during that period.
Several traditional financial institutions, including MoneyGram, Visa, MasterCard, PayPal and Stripe, have entered the cryptocurrency market in recent years.
The market is expected to register further growth in the coming years as more units enter the space.