Crypto Platform Stellar Looking To Acquire Payments Giant MoneyGram: Report

The Stellar Development Foundation reportedly wants to acquire payments giant MoneyGram.

Citing people familiar with the matter, Bloomberg reports that the non-profit organization behind the blockchain payment platform Stellar Lumens (XLM) is working with Boston-based private equity firm Advent International on the potential acquisition.

The two firms have already contacted MoneyGram, but a decision has not yet been made.

Several companies have been eyeing a takeover of MoneyGram amid increased demand for online payments. 

In 2017, Alibaba-owned electronic payments company Ant Group agreed to buy MoneyGram for $1.2 billion.

The deal stalled after failing to secure approval from the Committee on Foreign Investment in the United States.

Last year, fellow money transfer company Western Union offered to buy MoneyGram.

San Francisco-based payments firm Ripple also purchased a $30 million stake in the remittance giant in 2019, but the two firms announced in March that they are ending the partnership agreement.

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