HomeCrypto NewsBlockchainMoneygram buys 4% stake in crypto ATM company...

Moneygram buys 4% stake in crypto ATM company Coinme

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Earlier in May 5, the two companies announced a partnership aimed at expanding access to cryptocurrency exchanges.

Remittance network MoneyGram now has a small investment in crypto ATM operator Coinme following a Series A funding round.

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In an announcement on Wednesday, MoneyGram said it purchased about 4% of Coinme — more than $764.000, at a valuation of $19,1 million in June.

“We continue to be optimistic about the huge opportunities that exist in the ever-evolving crypto world and their ability to act as a bridge to connect digital assets to fiat currencies.”, said MoneyGram CEO Alex Holmes. “Our investment in Coinme further strengthens our partnership and celebrates our shared vision of expanding access to digital assets and cryptocurrencies. ”

Currently, US-based MoneyGram users can exchange their Bitcoin (BTC) and cryptocurrency for cash at the point of sale. Coinme's website reports over 23.000 ATM locations in the US, including MoneyGram and Coinstar.

Meanwhile MoneyGram has scaled back its partnership with blockchain-based payments company Ripple Labs in 2021. The two companies signed a strategic partnership agreement in 2019, processing billions of dollars through RippleNet. and Liquidity services on demand.

However, MoneyGram suspended the partnership in February 2 after the US Securities and Exchange Commission filed a complaint against Ripple alleging securities violations.

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