Stellar Improvement Basis has contacted MoneyGram Worldwide a few potential buy of the 81-year-old remittance big, Bloomberg reported on Wednesday.
Stellar is partnering with non-public fairness agency Introduction on the potential deal, in keeping with unnamed sources cited within the article. Stellar and Introduction might determine to not push ahead with the acquisition.
In Could, San Francisco-based Stellar, a non-profit that helps a blockchain-based platform enabling customers and establishments to maneuver cash, made a $15 million investment in AirTM, a digital pockets and peer-to-peer alternate platform based mostly in Mexico.
MoneyGram has drawn curiosity from a blockchain fee companies agency earlier than. In November 2019, Ripple completed the acquisition of a $50 million stake within the agency. A yr later, it sold a 3rd of its stake. The corporations agreed to wind down a partnership settlement in March this yr after the U.S. Securities and Alternate Fee (SEC) introduced a case in opposition to Ripple.
A Stellar takeover of MoneyGram could be a merciless coincidence for the embattled Ripple given the 2 crypto tasks’ historic rivalry. Jed McCaleb, a co-founder of Ripple, left the corporate in 2013 after a falling-out with the remainder of the management to begin Stellar.
UPDATE (July 22, 00:50 UTC): Provides background in final paragraph.