Stellar Development Foundation Invests in International Transfer Giant MoneyGram

blockchain.news:

The Stellar Development Foundation (SDF) has recently become a minority investor in MoneyGram International (MGI) during its go-private transaction with Madison Dearborn Partners (MDP). This announcement was made by Denelle Dixon on August 15, 2023, via the official Stellar blog.

SDF's association with MoneyGram dates back to 2021 when they established a commercial partnership. However, their collaboration began even earlier, in 2019, when they initiated the development of tools that later evolved into «MoneyGram Access.» This partnership has been instrumental in positioning the Stellar network as a prominent player in the cash-to-crypto domain, offering seamless avenues for individuals to transition value into and out of the digital realm.

The collaboration between the two entities provided SDF with a comprehensive understanding of MoneyGram's operations, future plans, and the company's vision for digital transformation. This knowledge solidified SDF's confidence in MoneyGram, leading them to seize the opportunity to invest when it presented itself.

The investment was sourced from SDF's cash treasury, which is designated to support the foundation's operations. Notably, this is the first investment of its nature made from the SDF's treasury. Additionally, as part of the investment, SDF has secured a seat on MoneyGram's Board of Directors. Denelle Dixon expressed her pride in representing SDF on the board, which comprises a diverse set of leaders from the realms of payments, financial services, and technology.

This strategic investment aligns with SDF's mission to foster equitable access to financial services. It also enables SDF to play a pivotal role in MoneyGram's digital journey, especially in areas like digital