The Stellar Development Foundation invests in MoneyGram.
The Stellar Development Foundation announced that it has made a strategic investment in payments company MoneyGram International, after many years of cooperation. The Stellar Development Foundation is the organization that manages and develops the Stellar network. As a result of this investment, the Stellar Development Foundation (SDF) will also be represented on MoneyGram’s Board of Directors.
Stellar announces investment in MoneyGram
Stellar and MoneyGram have previously collaborated to facilitate crypto payments and provide services between cash and crypto. This cooperation started two years ago and has been further strengthened with this new investment.
“During the last private transaction with Madison Dearborn Partners (MDP), SDF was listed as a minority investor on MoneyGram,” Denelle Dixon, SDF CEO and Executive Director, said in a statement. At the same time, Dixon emphasized that the investment was made from the Stellar Development Foundation’s own cash funds, and this investment was specifically aimed at supporting SDF’s mission of providing fair access to financial services.
As a result of the investment, the Stellar Development Foundation gained representation on MoneyGram’s Board of Directors. This will help MoneyGram explore the use of blockchain technology to support digital business expansion.
No further details were disclosed about the investment amount. Dixon said that establishing strong partnerships with organizations in the payments space will contribute to the achievement of SDF’s goal of providing fair access to financial services.
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