Cryptocurrency News

Stellar Development Foundation is planning to acquire MoneyGram

  • Stellar has partnered with equity firm Advent and could acquire MoneyGram
  • The deal is not yet public as the companies might decide not to go through with it
  • MoneyGram is also providing cryptocurrency services to its US clients

MoneyGram could potentially be acquired by the Stellar Development Foundation, a deal that could be useful to the blockchain ecosystem.

Stellar could acquire MoneyGram

The Stellar Development Foundation has partnered with private equity firm Advent International to discuss the potential to acquire MoneyGram. Sources familiar with the matter revealed this to Bloomberg yesterday.

Bloomberg wrote, “MoneyGram International Inc., one of the largest money transfer services in the U.S., has received preliminary takeover interest from Stellar Development Foundation and private equity firm Advent International, according to people familiar with the matter.”

Stellar Foundation is the organization that oversees Stellar, a cryptocurrency network that facilitates cross-border payments. The organization is working with Advent on a potential acquisition of MoneyGram. However, the matter hasn’t been made public yet as Stellar and Advent might decide not to go through with the acquisition deal.

MoneyGram is drawing interest from cryptocurrency firms

This isn’t the first time MoneyGram has drawn interest from cryptocurrency firms. Ripple bought a $50 million stake in MoneyGram in 2019 but sold it last year.

MoneyGram is no stranger to the cryptocurrency space. The company also allows U.S. customers to withdraw their cryptocurrencies in cash in any of its outlets across the country.

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