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Stellar Development Foundation (SDF) has made strategic investments in MoneyGram International (MGI) following their two-year-old commercial partnership. This move solidifies their commitment to advancing digital payment solutions and blockchain technology.
Investments and Board of Directors
The recent investments were made by SDF as a minority investor during a private transaction with Madison Dearborn Partners (MDP). This strategic move provides SDF with a seat on MoneyGram's board of directors.
Denelle Dixon, the CEO and Executive Director of SDF, stated, “Investments were made from SDF's treasury…”. These investments will play a vital role in supporting MoneyGram's expansion in the digital business sector through the exploration of blockchain technology.
The exact amount of the investments has not been disclosed.
Advancing Financial Inclusion
Dixon emphasized that continuing to build strong partnerships with organizations in the payment industry brings SDF closer to fulfilling its mission of ensuring equal access to financial services. This collaboration with MoneyGram reinforces the commitment to enhancing global financial inclusion.
The commercial partnership between Stellar and MoneyGram originally aimed to facilitate cryptocurrency payments and enable cash-to-crypto exchange services. With Stellar's investments and involvement in MoneyGram's board of directors, both organizations are poised to further explore blockchain technology and drive innovation in the digital payment landscape.
