Stellar Development Foundation, a non-profit organization supporting the development and growth of the Stellar network, has tentatively contacted MoneyGram International about a potential takeover, Bloomberg reported on Wednesday.
Citing unnamed people familiar with the matter, Bloomberg claims that Stellar is working on the potential acquisition in partnership with Advent International, a Boston-based private equity firm specializing in international buyouts.
According to the report, no final decision has been reached so far. Both Stellar and Advent could opt to not proceed with a deal, the sources added.
Stellar is a crypto network focused on cross-border payments, much in the same vein as MoneyGram. It was co-founded by Jed McCaleb, who also founded Ripple and its XRP token. The network’s native currency, XLM, is the 17-largest cryptocurrency by market cap at press time.
On the back of the news of Stellar’s potential takeover of MoneyGram, the price of XLM has soared by an imp
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