How to fix the crypto on-ramp problem

How to fix the crypto on-ramp problem

Consumers will soon be able to convert fiat money into crypto at MoneyGram locations worldwide, opening up access to people without bank accounts or credit cards.

Tomio Geron ( ) is a San Francisco-based reporter covering fintech. He was previously a reporter and editor at The Wall Street Journal, covering venture capital and startups. Before that, he worked as a staff writer at Forbes, covering social media and venture capital, and also edited the Midas List of top tech investors. He has also worked at newspapers covering crime, courts, health and other topics. He can be reached at or

The lack of solid crypto on- and off-ramps – rails for efficiently converting dollars, yen, euros and other currencies into tokens – is a bottleneck that has held back the industry’s growth.

While wealthier people in big markets such as the U.S. can move in and out of crypto easily, it’s much more difficult if you’re in an emerging market and don’t have a bank account or credit card.

Stellar Development Foundation, which supports the Stellar Network, has come up with a way to address the problem. Through a partnership with money-transfer company MoneyGram that’s launching Friday, people can bring fiat currency to a MoneyGram location, convert it to crypto and convert crypto back out to fiat. The service will use the USDC stablecoin on the Stellar network.

The service – initially available in the U.S., Canada, Kenya and the Philippines and expanding to seven more countries this month and other countries later – is an example of the ways that new crypto markets are converging with traditional finance. Continue reading “How to fix the crypto on-ramp problem”