Stellar Development Foundation and Advent International are reportedly considering acquiring MoneyGram, the global money transfer company. The move reflects growing interest in integrating blockchain technology with legacy cross-border payment infrastructure.
According to Bloomberg, Stellar Development Foundation and private equity firm Advent International are exploring the acquisition of MoneyGram, the cross-border payment company serving 150 million people globally. MoneyGram's stock surged 11 percent on the news, with prices up 265 percent over the past year. The company has attracted multiple takeover interests as digital payments reshape the industry; Ant Group and Western Union previously pursued acquisitions. MoneyGram recently launched MoneyGram-as-a-service and digital G-Coin offerings as part of its digital transformation. Stellar Development Foundation supports the Stellar Network, an open-source blockchain platform for global money movement across currencies.