Stellar invests in international payment firm MoneyGram

On Aug 16, 2023

Mandatory Credit: Photo by Mauritz Antin/EPA/Shutterstock (8136405a) A customer enters a MoneyGram International office in Frankfurt am Main, Germany, 27 January 2017. Reports on 27 January state Chinese Alibaba's digital payment service Ant Financial announced it will buy MoneyGram International for an estimated 880 million USD. The deal will go ahead pending the approval by authorities and regulators. China's Ant Financial to buy MoneyGram Intenational, Frankfurt, Germany - 27 Jan 2017

The Stellar Foundation grabbed a position on the board of directors at MoneyGram.

Stellar is an open-source, decentralized protocol for digital currency to fiat money low-cost transfers which allows cross-border transactions between any pair of currencies. XLM is the native token of this crypto network. The current trade price of XLM is $0.129 & this trade price is 3% down over the last 24 hours’ trade price, which is strange because currently stellar is getting huge attraction in the crypto sector because of its latest financial activity.

Stellar invests in international payment firm MoneyGram 1

On 15 Aug 2023, Stellar Development Foundation (SDF) CEO and Executive Director Denelle Dixon announced via the X (formerly Twitter) that SDF invested some money in the popular global payment company MoneyGram.

According to the SDF CEO, it was an easy decision for the Steller Foundation to invest in MoneyGram because the SDF team was already aware of MoneyGram’s business model.

The decision to invest in @MoneyGram was an easy one. After years of getting to know the business and the teams, we are excited to take part in MGI’s next chapter. It’s been an awesome few years working together, and we are excited for what’s next!https://t.co/PYAKHeXRxx
— Denelle Dixon (@DenelleDixon) August 15, 2023

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With this investment, SDF secured a seat among MoneyGram’s board of directors and under the partnership, MoneyGram will explore the better use cases of digital payment services as well as new use cases of blockchain technology in online banking services.

“Most importantly, it signifies a rededication from MGI, one of the world’s leading global financial technology, to becoming a digital-forward leader in fintech,” the CEO stated.

Steller & MoneyGram came in a small-level partnership in 2019, where MoneyGram utilized Steller’s small tech tools. In 2021, MoneyGram & Stellar came into a commercial-level partnership.

It is worth it to note that in recent years a huge number of global payment companies showed an inclination toward crypto & blockchain technology.

Recently PayPal launched its stablecoin PYUSD on the Ethereum blockchain network. PYUSD stablecoin is available to use for all kinds of fiat & crypto platforms. Following the launch of stablecoin, PayPal also brought some new changes to its crypto services, so that PayPal customers can easily interact with Crypto trade activities