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.Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Bryan Vectorartist