Stellar Foundation Eyes Potential Acquisition of MoneyGram: Report

Stellar Foundation Eyes Potential Acquisition of MoneyGram: Report

Stellar Development Foundation has contacted MoneyGram International about a potential purchase of the 81-year-old remittance giant, Bloomberg reported on Wednesday.

Stellar is partnering with private equity firm Advent on the possible deal, according to unnamed sources cited in the article. Stellar and Advent could decide not to push forward with the acquisition.

In May, San Francisco-based Stellar, a non-profit that supports a blockchain-based platform enabling consumers and institutions to move money, made a $15 million investment in AirTM, a digital wallet and peer-to-peer exchange platform based in Mexico.

MoneyGram has drawn interest from a blockchain payment services firm before. In November 2019, Ripple completed the acquisition of a $50 million stake in the firm. A year later, it sold a third of its stake. The firms agreed to wind down a partnership agreement in March this year.

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