Stellar Looking To Acquire Payments Giant MoneyGram, Report Says
The Stellar Development Foundation, the company behind XLM, a decentralized protocol for digital currency to fiat money low-cost transfers, reportedly wants to acquire payments giant MoneyGram.
According to a Bloomberg report the non-profit organization behind the blockchain payment platform Stellar Lumens (XLM) is working with Boston-based private equity firm Advent International on the potential acquisition.
The two companies have been in contact MoneyGram, but a decision has not yet been reached.
As the global demand for online payments has increased, several companies have been eyeing a takeover of MoneyGram.
Back in 2017, Alibaba-owned electronic payments company Ant Group, which operates AliPay, agreed to buy MoneyGram for $1.2 billion.
The deal fell apart, after failing to secure approval from the Committee on Foreign Investment in the United States (CFIUS).
In 2020, a competing money transfer giant Western Union offered to buy MoneyGram for an undisclosed amount. The news sent both firms’ stock price up.
San Francisco-based payments firm Ripple also purchased a $30 million stake in the remittance giant in 2019, but the two firms announced in March that they are ending the partnership agreement – Possible due to reasons related to Ripple’s lawsuit with SEC.
