Stellar Makes Investment in MoneyGram

The Stellar Development Foundation (SDF), a non-profit organization, has made a strategic investment in money transfer service MoneyGram.

This is the result of a two-year partnership aimed at implementing crypto payments and enabling cash to be exchanged for digital assets and vice versa.

Denelle Dixon, head of the SDF, stated that the Foundation’s own funds were used in the transaction, not the resources from the fund provided to support early stage projects.

Furthermore, the SDF will obtain a seat on the MoneyGram board of directors in order to facilitate the digital growth of the service by “applying blockchain technology.”

Back in October last year, US customers of MoneyGram were able to access Bitcoin, Ethereum and Litecoin through its mobile application.

Additionally, the Stellar Development Foundation established a $100 million fund to incentivize software developers to deploy products and utilities on the smart contract platform Soroban.