The Stellar Development Foundation (SDF) recently acquired a minority share in the renowned payments provider, MoneyGram International.
On August 15th, Denelle Dixon, CEO and Executive Director of the Stellar Development Foundation, revealed this strategic investment. She conveyed that the decision to infuse capital into MoneyGram was a straightforward choice.
Dixon, in a detailed blog, mentioned that the funding originated from SDF’s personal cash reserves, earmarked for its foundational operations. Notably, these funds were not from Stellar’s Enterprise Fund, which typically focuses on startups and nascent ventures.
This fresh infusion from SDF aims to bolster MoneyGram’s aspirations in the digital sphere and delve deeper into blockchain innovations. Dixon emphasized, “This crucial step underlines a renewed commitment from MGI, a top-tier global fintech player, to emerge as a pioneer in the digital fintech landscape.”
Historically, the Stellar Development Foundation forged a business alliance with MoneyGram in 2021, though they’ve been jointly working on tech innovations since 2019.
By November 2022, MoneyGram had expanded its services to enable users in the United States to transact in cryptocurrency through its mobile platform.
Additionally, in July 2023, the enterprise launched an exclusive account deposit facility for Venezuelan customers in association with the local banking giant, Banesco.
However, the announcement seemingly didn’t sway the market sentiment, with plunging by 4.4% to a value of $0.129 as per the latest data from Cointelegraph.
Post Ripple’s legal triumph, XLM experienced a surge, but it witnessed a decline of 28% thereafter. It’s currently trading 85% below its record peak of $0.875 achieved in January 2018.
