Moneygram buys 4% stake in crypto ATM operator Coinme

Share This Post

The investment follows a May 2021 partnership between the two firms aimed at expanding access to crypto-fiat exchanges.

Money transmission network MoneyGram now has a minority investment in crypto ATM operator Coinme following a Series A funding round.

In a Wednesday announcement, MoneyGram said it had purchased a roughly 4% ownership stake in Coinme — likely more than $764,000, given its valuation of $19.1 million in June — as part of a strategic investment in the crypto company. The investment follows a May 2021 partnership between the two firms aimed at expanding access to crypto-fiat exchanges.

“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,” said MoneyGram CEO Alex Holmes. “Our investment in Coinme further strengthens our partnership and compliments our shared vision to expand access to digital assets and cryptocurrencies.”

Currently, U.S.-based MoneyGram users are able to exchange their Bitcoin (BTC) and crypto holdings for cash at point-of-sale outlets. Coinme’s website reports more than 23,000 ATM locations in the United States, including MoneyGram and Coinstar.

While MoneyGram seemingly winds up its partnership with Coinme — currently only operating in the United States — it scaled back its collaboration with blockchain-based payments firm Ripple Labs in 2021. The two firms inked a strategic partnership agreement in 2019, processing billions of dollars through Ripple’s RippleNet and On-Demand Liquidity services. However, MoneyGram suspended the partnership in February 2021 following the U.S. Securities and Exchange Commission filing a complaint against Ripple, alleging securities violations.

Related: MoneyGram launches USDC settlement using the Stellar blockchain

At the time of publication, shares of MoneyGram stock (MGI) are trading for $7.55, having fallen roughly 2.5% in the last 24 hours.

Read Entire Article
spot_img

Related Posts

New UK Legislation To Govern Crypto Staking, Trading, By Mid-2024: What You Need To Know

The United Kingdom is poised to enact new legislation covering stablecoins and various crypto activities, including staking, trading, and custody  The forthcoming regulations, which are expected to

Bitcoin Whales Showing Different Behavior From Past Cycles, But Why?

On-chain data suggests the Bitcoin whales have been showing different behavior regarding exchange inflows from the last cycle Here’s why this may be so Bitcoin Whales Are Showing Different

Buenos Aires charges Worldcoin with consumer law violations, warns of $1.2 million fine

The provincial government of Buenos Aires has formally accused Worldcoin of violating consumer laws through “abusive clauses” in its user agreement According to the notice,

Dogecoin Whales Moving Around Massive Amounts: What Are They Up To?

On-chain data shows that the Dogecoin whales have recently made massive moves Here’s where these moves have been heading Dogecoin Network Has Witnessed Some Large Moves Recently According to

Analysts Bullish On Bitcoin Despite Peter Schiff’s $20,000 Doom Scenario

Over the weekend, the Bitcoin (BTC) crash had the crypto community on its toes With the price dropping to $60,000, many investors worried that the flagship cryptocurrency was in trouble ahead of the

Dogecoin Flashes Weekly Golden Cross: Why This Analyst Believes The Bull Rally Is Far From Over

A crypto analyst known as Yomi has noted that the Dogecoin recent price action could turn bullish after this week According to Yomi, DOGE is on the verge of creating a golden cross on its price
- Advertisement -spot_img