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Payments Network Stellar Announces Investment in Money Transfer Firm MoneyGram
Stellar has announced its investment in the major money transfer company MoneyGram International.
Stellar Announces Investment in MoneyGram
Stellar has announced its investment in the major money transfer company MoneyGram International.
The Stellar Development Foundation, which supports the XLM cryptocurrency, stated that it had invested money from its own treasury to become a minor shareholder in MoneyGram. According to Ellen Canale, director of communications for the foundation, the investment shows faith in MoneyGram’s leadership, board and future ambitions to improve digital investments and benefit underprivileged people through digital experiences.
Even though the precise investment amount is unknown, this move shows MoneyGram’s dedication to developing into a leading fintech company in the digital age. MoneyGram’s research of blockchain technology, global money management initiatives, and digital growth will all be aided by the investment.
Denelle Dixon, CEO and Executive Director of the Stellar Development Foundation, highlighted the significance of MoneyGram’s renewed focus on digital advancement. The announcement also revealed that Dixon has gained a seat on MoneyGram’s Board of Directors.
For many years, MoneyGram and Stellar have worked together, with Stellar helping MoneyGram establish its cash-to-crypto services. Although there have been previous rumours of Stellar trying to buy MoneyGram, this investment underlines the two companies’ continuing relationship. While MoneyGram continues to be one of the major participants in the American remittance market, competing with businesses like Western Union and Intermex, Stellar’s main objective is to use blockchain technology to make cross-border payments more effective and affordable.
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