MoneyGram International, Inc. (MGI) stock soared 4.03% in the after-hours trading session at the price of $8.00 after announcing an innovative partnership with the Stellar Development Foundation to improve Blockchain technology. MoneyGram is an international leader of emerging digital P2P payments. Its aim is to mobilize the flow of money, promote a healthy culture of fintech technology, and drive customer-centric facilities.
MGI Partnered with Stellar Development Foundation
On 6th October 2021, MGI reported a strategic and innovative partnership with the Stellar Development Foundation. The Stellar blockchain network is a non-profit organization that promotes the expansion and growth of Stellar. Through this public platform, money can be tokenized and transferred anywhere in the world. MGI is the first money transfer company that has employed blockchain technology to promote its foreign exchange trading.
MGI’s affiliation with the Stellar blockchain will facilitate Circle’s USD Coin. USDC can help customers in cash funding and payout in local currency. It will also improve near-instant backend settlement capabilities. The partnership will enable customers to convert USDC to cash and cash to USDC. It will also enhance the efficiency and utility of digital assets by empowering more consumers to engage in the digital market. The influence of this partnership will expand as more wallets and companies join the Stellar blockchain network.
Management Commentary
CEO of MGI, Alex Holmes, remarked that their top strategic preference is to promote cross-border payment innovation and blockchain-enabled settlement. They are excited to join and work with the Stellar Development Foundation to facilitate their innovations. With the rise of crypto and digital currencies, they are particularly confident about the potential of stablecoins to streamline cross-border payments. Given their expertise in global payment and blockchain, they are well-positioned to be the leader in building bonds to connect digital currencies with local currencies, he added.
MGI Appointed Mike Haarvei as Vice President
On 10th August 2021, MGI announced that Mike Haarvei had joined the team as Vice President of Client Relations. Mike will manage a sales team to develop GES’ healthcare client base while providing best-in-class experiential marketing solutions to their customers. With his expertise and experience, the GES healthcare sales and strategy team will continue to leverage its exceptional offerings in strategic program management and healthcare experiential marketing. Mike brings 25 years of experience in leadership, business development, and healthcare program management. He has most recently served as VP of Strategic Accounts in Sparks.
