Stellar Development Foundation and MoneyGram are eyeing the lucrative cross-border payments and remittances corridor of Latin America.
An accelerator program in this region will mentor 12 fintech startups each year for 3 years.
Stellar Development Foundation and MoneyGram have announced a partnership with global investment services provider Techstars, according to a press release published Friday 11 March.
The partnership will allow the non-profit organisation behind blockchain network Stellar (XLM) to work with MoneyGram and Techstars on a new project aimed at accelerating the adoption and use of the blockchain for cross-border payments.
Per the release, the program seeks to bring together founders from across the globe, with the goal of promoting technological innovation in digital payments. The project specifically targets international payments across the Latin American region.
The partners will mentor 12 fintech startups each year for the next three years, with participants involved in a 13-week immersive program.
"Blockchain and digital assets are changing the cross-border payments process, enabling people to almost instantly and cost-effectively send money internationally," said Stellar Development Foundation CEO Denelle Dixon.
The partnership builds the collaboration between Stellar and MoneyGram, which seeks to build an ecosystem that helps bridge digital and traditional currencies.
Stellar (XLM) was trading around $0.174470 on Friday afternoon, 2.1% down in the past 24 hours and nearly 8% down over the past seven days. The cryptocurrency has steadily dropped further away from the top 10 in terms of market cap, currently ranked 31st with a market cap of $4.3 billion.