MoneyGram Buys a 4% Stake in Cryptocurrency ATM Operator Coinme
MoneyGram partnered with cryptocurrency ATM operator Coinme in May last year. However, the money transfer firm has taken the partnership to the next level after investing in Coinme.
MoneyGram Invests in Coinme
Money transfer firm MoneyGram announced in a blog post a few hours ago that it has bought a 4% stake in Coinme. MoneyGram invested in Coinme via a recently closed Series A funding round.
Alex Holmes, MoneyGram’s Chairman and CEO, said the company is bullish about the cryptocurrency space. Hence, the reason why it invested in Coinme, a company it believes has enormous potential in the crypto market.
He said, “At MoneyGram, we continue to be bullish on the vast opportunities that exist in the ever-growing world of cryptocurrency and our ability to operate as a compliant bridge to connect digital assets to local fiat currency. Our investment in Coinme further strengthens our partnership and compliments our shared vision to expand access to digital assets and cryptocurrencies.”
MoneyGram is Expanding its Presence in the Crypto Space
MoneyGram is not new to the cryptocurrency market. In May last year, the company partnered with Coinme to allow its United States customers to withdraw their cryptocurrency holdings in cash
MoneyGram maintains that it wants to bridge the gap between Bitcoin and local fiat currencies. Holmes said the money transfer firm has additional initiatives in the pipeline to boost its partnership with Coinme.
Coinme is one of the leading Bitcoin ATM operators in the world. According to its official website, the company has Bitcoin ATMs installed at over 20,000 locations.
MoneyGram is not the only traditional financial institution to expand its presence in the cryptocurrency space in recent months. On December 21, Visa announced the launch of a Global Crypto Advisory to help customers and partners navigate the cryptocurrency space.
Mastercard, another major traditional financial institution, acquired CipherTrace on September 9, 2021. The acquisition allows Mastercard’s cyber security solutions to provide businesses with greater transparency in the cryptocurrency space.