The foundation behind XRP rival Stellar (XLM) is acquiring a minority stake in the payments giant MoneyGram International (MGI).
In a new blog post, the chief executive of the Stellar Development Foundation (SDF), Denelle Dixon, says the Foundation is using cash from its treasury in a go-private transaction with the private equity firm Madison Dearborn Partners, MoneyGram’s parent company.
“It is the first investment of its kind made from SDF’s treasury. Our investment also includes a seat on its Board of Directors of which I am proud to represent SDF among a diverse group of leaders in payments, financial services, and technology on the board who are excited to lend their expertise to strengthen and guide MGI’s digital strategy.”
SDF kicked off a commercial partnership with MoneyGram in 2021. In 2022, they collaboratively launched a new service called MoneyGram Access in key remittance markets, including the Philippines, US, Canada and Kenya. The service aimed to bridge fia
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