Moneygram Obtained 4 Percent Stake Into Bitcoin Kiosk firm “Coinme”

KEYPOINTS

  • The financing will aid in the advancement of the Bitcoin-to-cash exchange.
  • MoneyGram and Coinme initially collaborated in May 2021.
  • Coinme will benefit from the funding as it expands into new areas throughout the world.

MoneyGram, the international money transfer provider, has announced that it has concluded a strategic minority investment in Coinme, a leading cryptocurrency exchange in the United States. MoneyGram said it has taken a roughly 4% share in Coinme as part of an investment plan that is a follow-up to the two businesses’ May 2021 cooperation to construct a crypto-to-cash model by establishing a bridge to connect Bitcoin to local fiat currencies.

The investment also brings Coinme’s Series-A fundraising round to a complete, paving the way for the company’s international development ambitions, in which MoneyGram is expected to play a crucial part.

“At MoneyGram, we continue to remain positive on the vast opportunities that exist in the ever-expanding world of cryptocurrencies, as well as our ability to operate as a compliance bridge to connect digital assets to local fiat foreign currency,” MoneyGram chairman and CEO Alex Holmes said.

Alex Holmes Positive On Crypto Technology

“Our investment in Coinme enhances our cooperation and complements our shared vision of expanding access to digital assets and cryptocurrencies,” Holmes added.

In May 2021, the money transfer business teamed with Coinme to add Bitcoin kiosks to certain physical MoneyGram kiosk sites in the United States, boosting Coinme’s reach and making it simpler to acquire Bitcoin in person across the country.

“Our unique cash-to-Bitcoin product with Coinme, introduced in May 2021, opens our firm to a whole new consumer sector, and we couldn’t be more pleased with our growth,” Holmes concluded.

Replying to Bitcoin Magazine’s post, Coinme’s CEO Neil stated that:

“We see this as an incredible opportunity to continue our strong growth and build on our leading presence in the world of crypto.” –Neil Bergquist, Coinme CEO

In 2020, the kiosk operator joined with Coinstar, resulting in “great national momentum and growth” in Coinme’s core cryptocurrency business in only a few months, contributing to one of the company’s most successful quarters to date.

Previously, Walmart collaborated with Coinstar, a coin-cashing machine company, and CoinMe, a crypto-cash exchange, as part of its debut into the cryptocurrency business. The corporation has installed 200 Bitcoin ATMs at its various locations around the United States.

MoneyGram’s investment comes after Coinme was recognised a Deloitte Fast 500 firm in November, as well as the fastest-growing company in Washington state and the 78th in North America. Coinme, which was founded in 2014, claims to be present in 48 US states.

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Image Copyright: TK Kurikawa / BigStock Photo

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