Stellar Development Foundation, a non-profit fund, together with the investment company Advent, is negotiating the acquisition of the MoneyGram payment service.
The Stellar Ecosystem Development Foundation, the Stellar Development Foundation, is in talks with investment company Advent International to take over the payment giant MoneyGram. Bloomberg reported this with reference to sources close to the deal.
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However, as sources emphasize, the final decision has not yet been made. Companies can also opt out of a takeover of MoneyGram by mutual agreement. The financial side of the transaction was not disclosed.
MoneyGram takeover talks began a couple of months after the payment service ended its partnership with Ripple. Then both companies said that the decision was mutual in nature. The end of the partnership was a reaction to litigation between Ripple and the US Securities and Exchange Commission (SEC).
Stellar Lumens (XLM) jumped 15.4% amid rumors of a possible deal. At the time of this writing, the altcoin price in the XLM / USDT trading pair is $ 0.25.
As a reminder, the Stellar ecosystem was founded in early 2014 by Jed McCaleb and Joyce Kim as an offshoot of the Ripple system in response to XRP’s criticism of network centralization. Later, Brad Garlinghouse became the head of Ripple.
Read also: Stellar Development Foundation publishes roadmap for 2021
McCaleb’s relationship with Ripple deteriorated in 2014 when he threatened to sell off his entire stake in XRP. At that time, it was ~ $ 45 million. However, despite the threats, McCaleb did not dump because of the lawsuits that followed the statement. McCaleb is believed to have sold 1.2 billion XRP since 2014. He currently owns approximately ~ 2.5 billion XRP.
Read about why Stellar needed to distribute 12 million XLM tokens to startup developers in the material of the BeInCrypto editorial staff.
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