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Moneygram has completed its investment in Coinme, a cryptocurrency ATM operator. “At MoneyGram, we continue to be optimistic about the huge opportunities that exist in the ever-evolving cryptocurrency world,” said the CEO.
Moneygram invests in crypto company Coinme
MoneyGram International (Nasdaq: MGI) announced on Wednesday that the company “has completed a strategic minority investment in Coinme, the leading cryptocurrency cash exchange in the United States.” 4% equity.
Alex Holmes, Chairman and CEO of Moneygram, commented:
At MoneyGram, we continue to be optimistic about the huge opportunities that exist in the ever-evolving cryptocurrency world and our ability to act as a compliance bridge connecting digital assets with local legal currencies.
Moneygram’s investment will support Coinme’s international expansion plan and other growth plans.
Founded in 2014, Coinme currently operates in 48 states and plans to expand internationally in the near future. Coinme has cooperating Coinstar is a popular automated service for those who want to convert fiat currency into paper money. Bitcoin can be purchased at more than 21,000 Coinstar kiosks. In the past five years, MoneyGram has served nearly 150 million people worldwide.
The common vision of Moneygram and Coinme is to “expand access to digital assets and cryptocurrencies”, the announcement details.
The Moneygram CEO added:
As we accelerate our innovation efforts, cooperation with startups such as Coinme will further strengthen our position as an industry leader using blockchain and similar technologies.
“The unique cash-to-bitcoin product that we announced with Coinme in May 2021 has opened up a whole new customer base for our business, and we are very satisfied with our progress,” he continued.
MoneyGram announced in May that the two companies plan to “build a bridge to connect Bitcoin with local fiat currencies to create a cryptocurrency-to-cash model.” The partnership allows Moneygram Let customers buy and sell Bitcoin is in 12,000 locations.
What do you think of MoneyGram’s 4% stake in Coinme? Please let us know in the comments section below.
Image Source: Shutterstock, Pixabay, Wikimedia Commons
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