Stellar Development Foundation (SDF), the mastermind behind the Stellar network, has made a strategic move by investing in the renowned money transfer firm MoneyGram.
But wait, there’s more to this interstellar alliance! Along with the investment, SDF has secured a coveted seat on MoneyGram’s Board of Directors. Talk about making power moves!
Now, if you’re scratching your head thinking, “Why does this sound familiar?” – these two financial giants aren’t strangers. They’ve been in cahoots for a couple of years now. Remember when MoneyGram partnered with SDF to launch a cash-to-crypto service and facilitate crypto payments? Yep, that was them laying the groundwork.
But here’s the juicy bit: This investment wasn’t made from SDF’s Enterprise Fund, typically used for startups and early-stage companies. Instead, it came straight out of SDF’s own cash treasury. As Denelle Dixon, SDF’s CEO and Executive Director put it, this is the “first investment of its kind made from SDF’s treasury.”
So, what’s the endgame here? Dixon believes that by strengthening ties with MoneyGram, SDF is inching closer to its mission of creating equitable access to financial services. They aim to supercharge MoneyGram’s digital business expansion by exploring blockchain technology.
While the exact amount of investment remains a mystery (SDF’s playing coy on that one), one thing’s for sure: This partnership is set to redefine the boundaries of the financial universe.
