Stellar Development Foundation (SDF) MoneyGram and Techstars Improving Cross-Border Payments

Techstars have teamed with the Stellar Development Foundation (SDF) and MoneyGram, a payment service firm. The partners will collaborate to construct a support program for developers working on “technology innovation” all over the globe.

The partners will specifically target those who are working to develop digital payments and blockchain technologies. According to a news release, the goal is to “streamline cross-border transfers and enhance financial inclusion.”

According to its website, Techstars gives access to cash, consumers, talent, infrastructure, and mentoring. The firm describes itself as an “operational investor,” and it was founded to help individuals pursue their entrepreneurial dreams.

Techstars has collaborated with firms such as ClassPass, DataRobot, DigitalOcean, and Chainalysis, as well as cryptocurrency startups. Their collaboration with Stellar and MoneyGram will focus on methods to reduce friction in the Latin American money transfer process.

According to the announcement, after the cohorts complete their program, they will have the chance to exhibit their progress in front of the fintech community. Potential participants will be able to submit applications beginning July 25, 2022, and concluding October 12, 2022.

Denelle Dixon, the SDF’s CEO and Executive Director, said that blockchain technology has helped to improve legacy payment infrastructure and provide users with better cross-border payment ways.

Information Regarding the New Stellar Partnership

According to Techstars’ official website, the firm also provides a monthly stipend for living costs throughout their programs. In exchange, the beneficiaries give them a piece of their equity in the form of fully diluted common shares.

This agreement will be in effect until the firm “raises a priced equity financing of $250,000 or more.” Techstars claims up to 6% of the token reserve for blockchain-based firms if the sponsored company holds a “token event, ICO, etc.”

Beneficiaries have the option to purchase an extra $100,000 in convertible notes. Malle Gavet, CEO of Techstarts, said the following about this new collaboration:

We think that great ideas are everywhere, but access to opportunity is not, which is why our global-investment strategy aims to reach creators everywhere and everywhere. As we want to reach out to creators in the Americas, this initiative will give early-stage blockchain and digital asset innovators with the benefits and tools they need to succeed in developing an inclusive, accessible financial system and delivering world-changing solutions.