After ending the partnership with Ripple, MoneyGram could be from Stellar. be taken over
- Stellar’s rivalry with Ripple
- Other acquisition attempts
The Stellar Development Foundation, a nonprofit focused on developing the Stellar network, is reportedly partnering with global private equity firm Advent International to buy leading money transfer company MoneyGram, according to a Bloomberg report, the sources said cited with expertise. .
At this point it is not yet clear how the takeover talks will go.
Stellar’s rivalry with Ripple
MoneyGram ended its large partnership with Stellar rival Ripple after the SEC was brought to court in December for allegedly illegal XRP sales.
As reported by U.Today, the San Francisco-based distributed ledger technology provider then sold its entire stake in MoneyGram.
Ironically, Stellar was launched by Ripple co-founder Jed McCaleb in 2014 after he left the company due to an argument with other top executives.
McCaleb received 8 billion XRP tokens for his role in founding the OpenCoin company, renamed Ripple Labs. After intending to sell the tokens, he eventually signed a seven-year contract with Ripple Labs that prevents the programmer from selling 1.5 percent of the daily volume of XRP per day.
Stellar and Ripple, who share many similarities, have been in a wiry rivalry for years, partly due to the drama surrounding their co-founder. The MoneyGram acquisition could further fuel hostilities between the two camps.
Other acquisition attempts
Rumors of a possible takeover by MoneyGram have been circulating for years. Western Union reportedly made a takeover bid last year.
Alibaba-owned Ant Group attempted to buy MoneyGram for $ 1.2 billion in 2017, but the deal was blocked by U.S. regulators.