Recent reports from the Stellar Development Foundation suggest a very significant event that will definitely affect the XLM token. Stellar plans to take over the US money transfer giant Moneygram.
Is the XLM token awaiting growth?
According to the market capitalization, XLM is currently in 17th place, while its price is at the level of $ 0.253. After the May correction, similarly to other altcoins, XLM decreased by up to 70%.
The Stellar Development Foundation is a non-profit organization that supports the Stellar network. In addition to her, Advent International also showed interest in Moneygram. According to the latest information, a cooperation agreement between the two companies is on the table, but no final decision has yet been taken.
Moneygram shares rose
Following the announcement of potential bidders, the price of Moneygram shares rose 12% to $ 11.49. Over the past year, the company’s shares have risen by as much as 265%, with a market value of $ 902 million.
This is not the first time a company has tried to take over Moneygram. Western Union, formerly the Chinese financial services conglomerate Ant Group, has tried this in the past. However, all these attempts were thwarted by pressure from regulators.
In May of this year, Moneygram announced a merger with Coinme, a company that sells BTC. The agreement was announced after Ripple announced the termination of its partnership with Moneygram, which used the XRP token in international transactions.