Stellar Lumens (XLM) increases by 12% after news about a partnership between Moneygram and the Stellar Foundation

Stellar Lumens (XLM) increases by 12% after news about a partnership between Moneygram and the Stellar Foundation

The International Transfer Service Moneygram immerses again in the blockchain pool. On October 6, 2021, the company announced a new partnership with the Stellar Foundation to develop a payment bridge that rationalizes money transfers and enables almost immediate processing to USDC, a stable coin developed by circle that is coupled to the US dollar.

The announcement published a few hours ago underlines Moneygram's innovative vision and assures that the partnership "will revolutionize the resolution flows".

Moneygram did not leave the blockchain

as explained in Press release , Moneygram would use a version of USDC that runs on the Stellar blockchain to make transactions more efficient. The United Texas Bank will act as a handling between circle (USDC-emittent) and Moneygram (transfer service provider).

This would be Moneygram's second attempt to use blockchain to improve his service. Stellar is a direct competitor of Ripple, born according to Jed McCaleb - co -founder of Ripple - separated from the company due to conceptual differences and devoted himself entirely to his own project.

Stellar Lumens (XLM), the native token of Stellar, had an important jump and completed the day with an increase of 12%+, which was also heated by the extraordinary performance of Bitcoin during the day. XLM opened the day at $ 0.31 and closed at 0.357 USD with a daily high of $ 0.364

Price for Stellar Lumen (XLM). Image: trading view

MONEYGRAM shares, on the other hand, were more conservative. The company could not stop a free fall from its annual high in July and hardly recorded growth of 0.9% - from $ 7.6 to $ 7.69 - without any recognizable trend reversal.

Price of the Moneygram shares. Image: trading view

reunion ripple, hello stellar

This partnership is a clear signal that Moneygram progresses and the bad experiences with which it was made would like to shake off Ripple.

in 2019, Moneygram and Ripple announced a partnership . Moneygram would use the Ripplenet as part of the exchange processing process for international transfers and in return also financial incentives in the form of XRP Ripple.

The partnership lasted almost two years and ended in March 2021 after the SEC officially a legal proceedings against. Ripple had initiated, accuses XRP to use not registered securities.

in a (n , ripple assured that the decision was a common parties. undertook to rethink their relationship in the future after the SEC dispute was informed.