Stellar invested in money transfer service MoneyGram

What is Stellar and XLM cryptocurrency?
What is Stellar and XLM cryptocurrency?

The non-profit organization Stellar Development Foundation (SDF) has made a strategic investment in money transfer service MoneyGram.

Data: X.

The move was preceded by a two-year partnership between the two organizations aimed at implementing crypto payments and launching the exchange of cash for digital assets and vice versa.

According to Denel Dixon, head of the SDF, as a result of the transaction, the non-profit organization will become a minority investor in the payment company. She emphasized that the Stellar Development Foundation’s own funds, and not the resources of the fund for supporting projects in the early stages, became the source of investments.

Dixon added that the SDF will get a seat on the MoneyGram board of directors. This will help develop the digital business of the money transfer service by “exploring blockchain technology.”

Recall that in October last year, MoneyGram added options for US users to trade and store Bitcoin, Ethereum and Litecoin in a mobile application.

Previously, the Stellar Development Foundation team launched a $100 million fund to incentivize developers to build products and utilities on a smart contract platform called Soroban.

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