Today, Moneygram International Inc. (NASDAQ: MGI) announced that the company “has completed a strategic minority investment in Coinme, the U.S.’s leading cryptocurrency asset cash exchange company”. This business gives Moneygram an estimated 4% stake in Coinme.
Moneygram Chairman and CEO Alex Holmes said:
"At Moneygram, we continue to be confident of the huge opportunities that exist in the ever -evolving world of cryptocurrencies and our ability to operate as a bridge in linking digital assets to local fiat currencies."
The investment by Moneygram will support Coinme’s international expansion plans and other growth initiatives.
Since its inception in 2014, Coinme now operates in 48 states and will expand further internationally in the near future. Coinme has also partnered with Coinstar which provides a popular automated service to those looking to convert crypto to paper money, to enable the purchase of bitcoin at over 21,000 Coinstar kiosks. Over the past five years, Moneygram has also served nearly 150 million people worldwide.
"Moneygram and Coinme also share a vision to expand access to digital and crypto assets." - Holmes
The CEO of Moneygram also added:
"As we accelerate our innovation efforts, partnerships with startups like Coinme will advance our position as an industry leader in the use of blockchain and similar technologies."
"Our unique" cash-to-bitcoin "offering with Coinme, announced in May 2021, opens up our business to a completely new customer segment, and we can't be too pleased with this progress," he continued.
Last May, Moneygram announced that the two companies planned to create a “crypto-to-cash” model by building a bridge to link bitcoin to local fiat currencies. The partnership allows Moneygram to allow customers to buy and sell bitcoin at 12,000 locations.
