MoneyGram Invests in Bitcoin Kiosk Firm Coinme
MoneyGram, the global remittance solution provider, has acquired a minority stake in Coinme, a leading US-based cryptocurrency exchange. Specifically, MoneyGram has stated that it has bought a roughly 4% stake in Coinme as portion of its investment plans that is a continuation of the two duos’ May 2021 deal to create a crypto-to-cash system by establishing a gateway to link Bitcoin to domestic fiat currencies.
The acquisition also brings Coinme’s Series-A fundraising round to a complete, paving the way for the company’s global development ambitions, in which MoneyGram is anticipated to serve a crucial part.
“At MoneyGram, we continue to remain positive on the vast opportunities that are available in the ever-expanding world of cryptocurrencies, as well as our ability to operate as a compliance gateway to connect digital assets to local fiat currency,” MoneyGram chairman and CEO Alex Holmes said.
“Our investment in Coinme enhances our cooperation and complements our common goal of expanding access to digital assets and cryptos,” Holmes said.
Back in May 2021, the money transfer business teamed with Coinme to add Bitcoin kiosks to chosen physical MoneyGram vending machine sites in the United States, boosting Coinme’s presence and simplifying the purchase of Bitcoin directly throughout the region.
“Our distinct cash-to-Bitcoin product with Coinme, introduced in May 2021, opens our firm to a totally different consumer sector, and we couldn’t have been more pleased with our growth,” Holmes concluded.
Two years back, the kiosk owner joined with Coinstar, resulting in “great national traction and expansion” in Coinme’s primary cryptocurrency activity in only a few months, contributing to one of the company’s best profitable quarters to date. MoneyGram’s investment comes after Coinme was recognised a Deloitte Fast 500 firm in November, as well as the quickest growing firm in Washington state and the 78th in North America.
Coinme, which was established in 2014, purports to be present in 48 US states. Coinme CEO Neil Bergquist commented, “With MoneyGram’s worldwide network and framework, the company’s continuous collaboration and strategic investment will enable us expedite our development and global expansion.”