The Stellar Development Foundation Invests in MoneyGram International
Yesterday, the Stellar Development Foundation (SDF) announced its investment in MoneyGram International. SDF is a non-profit organization that supports the development and growth of the Stellar open source network. MoneyGram International is an American cross-border P2P money transfer company with a turnover of almost a billion dollars.
Main Breakdowns:
- SDF has invested in MoneyGram International
- SDF supports the development of the Stellar network
- MoneyGram is a cross-border money transfer company
- This is the first investment of its kind made by SDF
- Stellar will contribute to MoneyGram’s digital business expansion
The Native Cryptocurrency XLM
The Stellar network has its own native cryptocurrency, XLM. However, the news of the investment in MoneyGram has not had a positive effect on the price of XLM, as it is currently experiencing a 3% loss. This is due to a widespread drop in the crypto markets, led by Bitcoin. XLM belongs to the second generation of cryptocurrencies and its current price is significantly lower than its all-time high.
The Relationship Between Stellar and Ripple
XLM is closely related to Ripple’s XRP as both are similar cryptocurrencies. In the past, Ripple formed a strong partnership with MoneyGram but ended it due to a lawsuit. Stellar has now taken Ripple’s place as a minority shareholder in MoneyGram. Ripple’s ongoing legal issues make a reconciliation with MoneyGram unlikely in the short term.
Hot Take
The investment in MoneyGram by the Stellar Development Foundation signifies the foundation’s commitment to supporting the growth and development of the Stellar network. However, the market’s reaction to the news reflects the overall downturn in the crypto markets. The future collaboration between Stellar and MoneyGram has the potential to drive innovation in cross-border money transfers and explore the use of blockchain technology.
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