The non-profit organisation Stellar Development Foundation (SDF) has made strategic investments in MoneyGram, the money-transfer service.
That step followed a two-year partnership between the two organisations aimed at implementing crypto payments and launching a cash-for-digital-asset exchange and vice versa.
According to SDF chief Denelle Dixon, the nonprofit organisation will become a minority investor in MoneyGram. She emphasised that the funds come from Stellar Development Foundation’s own resources, not from the fund to support early-stage projects.
Dixon added that the SDF will gain a seat on MoneyGram’s board of directors. This will help the digital business of the money-transfer service grow by exploring blockchain technology.
Earlier in October last year, MoneyGram added the option for U.S. users to trade and store Bitcoin, Ethereum and Litecoin in the mobile app.
Earlier, the Stellar Development Foundation launched a $100 million fund intended to incentivise developers to build products and utilities on the smart-contract platform named Soroban.