The Stellar Development Foundation is said to be interested in acquiring MoneyGram, a massive worldwide payment provider. Because it hasn’t been confirmed yet, and the Steller Foundation hasn’t made an official statement about it.
The Steller Foundation was featured in a Bloomberg article ( which is a nonprofit organization behind the blockchain payment platform Stellar Lumens). They are in communication with a firm that is a joint venture between the Stellar Foundation and MoneyGram, according to the article.
On the prospective purchase, that business is Boston-based private equity firm Advent International.
Cross-border payment firms are developing at a breakneck pace right now, and nearly every major corporation wants to make a huge splash in this space. MoneyGram is being pursued by a slew of firms.
Well, it does not appear that the Steller Foundation will have an easy time acquiring MoneyGram since many corporations and firms have failed to do so even after the fulfillment of MoneyGram’s demand.
The Alibab firm failed to buy MoneyGram in 2017 due to a lack of permission from the US Committee on Foreign Investment. The value of the purchase was estimated to be about $1.2 billion.
Western Union also made a bid to purchase MoneyGram in 2020, but they were unsuccessful.
In 2019, the Ripple payment business purchased a $30 million share in the remittance behemoth, but two firms said in March that they were no longer interested and would not be bound by any future agreements.