The Stellar Development Foundation (SDF), a non-profit organization founded to support the development of the Stellar ecosystem, is in advanced stages of talks to acquire money transfer service MoneyGram International, iHodl Russia reports.
As part of this plan, Stellar has partnered with private equity firm Advent International. However, they still can opt out of the acquisition by joint decision. MoneyGram shares were up 11.55% on Wednesday and 265% over the past year.
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Earlier, several companies have shown interest in buying MoneyGram in the past. For example, the Chinese financial conglomerate Ant Group tried to acquire MoneyGram in 2017, but was forced to abandon the idea due to opposition from regulators.
Rival service Western Union also considered the acquisition in 2020. In November 2019, the fintech company Ripple acquired a $50 million stake in MoneyGram and agreed to promote its services with MoneyGram. However, in March 2021, the companies subsequently suspended the partnershipafter the US Securities and Exchange Commission (SEC) filed a lawsuit against Ripple.
Jed McCaleb, Co-founder of Ripple, left Ripple in 2013 and later found Stellar. As of press time, stellar lumens (XLM), the native token of the Stellar ecosystem, is up by almost 15% and is trading at the $0.25 mark, according to EXANTE.
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