Stellar and MoneyGram announce cooperation with Techstars

The Stellar Development Foundation and MoneyGram are eyeing the lucrative corridor for cross-border payments and remittances in Latin America.

An accelerator program in this region will mentor 12 fintech startups for 3 years each year.

According to a press release published on Friday, March 11, Stellar Development Foundation and MoneyGram have announced a partnership with global investment services firm Techstars.

The partnership will allow the non-profit organization behind blockchain network Stellar (XLM) to work with MoneyGram and Techstars on a new project aimed at accelerating the adoption and use of blockchain for cross-border payments.

According to the publication, the program aims to bring together founders from around the world with the goal of promoting technological innovation in digital payments. The project specifically targets international payments throughout the Latin American region.

The partners will mentor 12 fintech startups each year for the next three years, with participants participating in a 13-week immersive program.

"Blockchain and digital assets are transforming the cross-border payment process, enabling people to send money internationally almost instantly and affordably," said Denelle Dixon, CEO of the Stellar Development Foundation.

The partnership builds on the collaboration between Stellar and MoneyGram, which aims to build an ecosystem that will help bridge digital and traditional currencies.

Stellar (XLM) was trading around $0.174470 as of Friday afternoon, down 2.1% over the past 24 hours and down almost 8% over the past seven days. The cryptocurrency has steadily fallen further from the top 10 in terms of market cap and is currently ranked 31st with a market cap of $4.3 billion.

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