The Stellar Development Foundation announced that it has made a strategic investment in MoneyGram International (MGI).
The move follows a commercial partnership the two organizations forged two years ago. Then MoneyGram partnered with SDF to facilitate crypto payments and launch a cash-to-crypto exchange service.
“During a recent private transaction with Madison Dearborn Partners (MDP), SDF became a minority investor in MGI,” SDF CEO and CEO Denell Dixon said in a statement. “The investment was made from the SDF’s own treasury…”.
Board of Directors
Dixon added that the investment gave the SDF a seat on MoneyGram’s board of directors and will help support the expansion of MoneyGram’s digital business through “exploring blockchain technology.”
The amount of investment was not disclosed.
“Continuing to forge strong partnerships with payment organizations brings SDF one step closer to achieving our mission of financial inclusion,” Dixon added.