The Stellar Development Foundation (SDF), a registered non-profit organization, has been reported to be one of a minority stakeholder in MoneyGram International. SDF received a seat on MoneyGram’s board of directors as a result of the investment.
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Stellar CEO Confirms the Announcement
SDF CEO and Executive Director Denelle Dixon confirmed the additional investment in an Aug. 15 X post, stating the choice to grant funds to MoneyGram “was an easy one.”
Investment was Financed from SDF’s Treasury
Dixon explained in an additional article on the website that the investment was financed from the SDF’s own cash treasury, utilizing resources put aside to assist with the foundation’s operations. These funds were used in place of Stellar’s Enterprise Fund, which was intended to invest in startups and early-stage businesses.
Helping MoneyGram to Grow its Business
Dixon also added that SDF’s capital investments will help MoneyGram grow its e-commerce business and explore blockchain-based technologies. She noted: “Most importantly, it signifies a rededication from MGI, one of the world’s leading global financial technology, to becoming a digital-forward leader in fintech.”
It is worth noting that SDF was established in 2014 to aid in the growth and maintenance of the open-source network. SDF and Stellar, according to their website, intend to unlock the world’s financial potential through creating money easier to access, markets more transparent, and individuals more empowered. The Foundation assists in the maintenance of Stellar’s codebase, promotes both the technical and business associations surrounding Stellar, and serves as a liaison to regulators and institutions.
Stellar’s Investment to Developers
Stellar announced a $100 million investment fund in October of last year designed to motivate developers to begin working on the Soroban smart contract platform. Furthermore, Stellar Lumens created a new blockchain solution called Stellar Aid Assist at the end of last year. The new solution, according to the protocol, is a “first-of-its-kind blockchain solution to deliver instant and transparent digital aid at scale.”
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