Stellar Development Foundation invests in MoneyGram.
The Stellar Development Foundation announced that it has made a strategic investment in payments company MoneyGram International following several years of collaboration. The Stellar Development Foundation is the organization that manages and develops the Stellar network. As a result of this investment, the Stellar Development Foundation (SDF) will also be represented on MoneyGram’s Board of Directors.
Stellar announces investment in MoneyGram
Stellar and MoneyGram have previously collaborated to facilitate crypto payments and provide services between cash and crypto. This collaboration started two years ago and has grown stronger with this new investment.
“During the last private transaction with Madison Dearborn Partners (MDP), SDF was listed as a minority investor on MoneyGram,” Danelle Dixon, CEO and Executive Director of SDF, said in a statement. Also, Dixon emphasized that the investment was made from the Stellar Development Foundation’s own cash funds, and that the investment was specifically intended to support the SDF’s mission of providing fair access to financial services.
As a result of the investment, the Stellar Development Foundation received representation on MoneyGram’s board of directors. This will help MoneyGram to explore the use of blockchain technology to support digital business expansion.
No further details about the investment amount were given. Dixon said that establishing stronger partnerships with organizations in the payments sector will contribute to the SDF’s goal of providing fair access to financial services.