- MoneyGram has acquired a 4% stake in Coinme.
- The cash transferring firm mentioned the funding will help the bitcoin-to-cash trade’s progress plans.
- Coinme at the moment operates in 48 U.S. states and goals to develop internationally.
Remittances big MoneyGram has acquired a minority stake (4%) in bitcoin-to-cash trade Coinme, in accordance with a Wednesday press release. The funding closes Coinme’s collection A financing spherical with the purpose to propel its worldwide growth plans and assist MoneyGram bridge the bitcoin and fiat worlds.
“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,” MoneyGram chairman and CEO, Alex Holmes, mentioned in an announcement. “Our investment in Coinme further strengthens our partnership and compliments our shared vision to expand access to digital assets and cryptocurrencies.”
In May, the cash transferring agency partnered with Coinme to convey bitcoin kiosks to pick bodily MoneyGram areas within the U.S., increasing Coinme’s attain and facilitating in-person bitcoin purchases throughout the nation.
“Our unique cash-to-bitcoin offering with Coinme, announced in May of 2021, opened our business to an entirely new customer segment, and we couldn’t be more pleased with our progress,” added Holmes.
In the earlier yr, the kiosk operator had partnered with Coinstar, a collaboration that spurred a “strong national momentum and growth” of Coinme’s mainstream cryptocurrency enterprise in only a few months, resulting in one of many firm’s most profitable quarters as much as that time.
MoneyGram’s funding comes after Coinme was selected in November as a Deloitte Technology Fast 500 winner and named the quickest rising firm in Washington State and the 78th in North America. Founded in 2014, Coinme mentioned it at the moment has operations in 48 U.S. states.
“With MoneyGram’s global network and infrastructure, both the Company’s continued partnership and strategic investment will help us accelerate our growth and international expansion,” Coinme CEO Neil Bergquist mentioned in an announcement.