The Stellar Foundation grabbed a position on the board of directors at MoneyGram.
Stellar is an open-source, decentralized protocol for digital currency to fiat money low-cost transfers which allows cross-border transactions between any pair of currencies. XLM is the native token of this crypto network. The current trade price of XLM is $0.129 & this trade price is 3% down over the last 24 hours’ trade price, which is strange because currently stellar is getting huge attraction in the crypto sector because of its latest financial activity.
On 15 Aug 2023, Stellar Development Foundation (SDF) CEO and Executive Director Denelle Dixon announced via the X (formerly Twitter) that SDF invested some money in the popular global payment company MoneyGram.
According to the SDF CEO, it was an easy decision for the Steller Foundation to invest in MoneyGram because the SDF team was already aware of MoneyGram’s business model.
With this investment, SDF secured a seat among MoneyGram’s board of directors and under the partnership, MoneyGram will explore the better use cases of digital payment services as well as new use cases of blockchain technology in online banking services.
“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 CEO stated.
Steller & MoneyGram came in a small-level partnership in 2019, where MoneyGram utilized Steller’s small tech tools. In 2021, MoneyGram & Stellar came into a commercial-level partnership.
It is worth it to note that in recent years a huge number of global payment companies showed an inclination toward crypto & blockchain technology.
Recently PayPal launched its stablecoin PYUSD on the Ethereum blockchain network. PYUSD stablecoin is available to use for all kinds of fiat & crypto platforms. Following the launch of stablecoin, PayPal also brought some new changes to its crypto services, so that PayPal customers can easily interact with Crypto trade activities
Read also: US SEC loses popularity following Coinbase suit
Stellar invests in international payment firm MoneyGram
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