The Stellar Development Foundation (SDF) has change into a minority investor in funds supplier MoneyGram International.
In an Aug. 15 X publish, Stellar Development Foundation CEO and Executive Director Denelle Dixon introduced the brand new funding saying the choice to present funds to MoneyGram “was an easy one.”
In an accompanying weblog post, Dixon added the funding was made out of the SDF’s personal money treasury utilizing belongings put aside to help the operations of the muse. This was used as a substitute of Stellar’s Enterprise Fund used to make investments in startups and earlier-stage firms.
The resolution to make investments in @MoneyGram was a simple one. After years of getting to know the enterprise and the groups, we’re excited to participate in MGI’s subsequent chapter. It’s been an superior few years working collectively, and we’re excited for what’s subsequent!https://t.co/PYAKHeXRxx
— Denelle Dixon (@DenelleDixon) August 15, 2023
While Dixon didn’t reveal monetary particulars, she did state the funding gave SDF a seat on MoneyGram’s board of administrators.
She defined the funding positions from SDF will contribute to MoneyGram by increasing its digital enterprise and exploring blockchain expertise.
“Most importantly, it signifies a rededication from MGI, one of the world’s leading global financial technology, to becoming a digital-forward leader in fintech.”
The Stellar Development Foundation established a business partnership with MoneyGram in 2021 however has been collaborating on instruments and expertise with the agency since 2019.
In November 2022, MoneyGram enabled United States-based customers to buy, promote and maintain cryptocurrency by way of its cell app.
In July 2023, the agency introduced a brand new account deposit service for shoppers in Venezuela by means of its partnership with native financial institution Banesco.
Related: Stellar partners with UNHCR to give Ukrainian refugees cash via USDC
Stellar’s native token Stellar (XLM) didn’t register a response to the announcement, dropping 4.4% on the day to $0.129 on the time of writing, in accordance to Cointelegraph value knowledge.
XLM got a lift following Ripple’s partial courtroom victory however has declined 28% since then and stays down 85% from its January 2018 all-time excessive of $0.875.
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