Visa Cryptocurrency Partners

MoneyGram Buys a 4% Stake in Cryptocurrency ATM Operator Coinme

MoneyGram Buys a 4% Stake in Cryptocurrency ATM Operator Coinme
Written by publishing team

MoneyGram partnered with crypto ATM operator Coinme in May last year. However, the money transfer company has taken the partnership to the next level after investing in Coinme.

MoneyGram invests in Coinme

Money transfer company MoneyGram announced in a blog post a few hours ago that it has bought a 4% stake in Coinme. MoneyGram invested in Coinme via a recently closed Series A funding round.

Alex Holmes, Chairman and CEO of MoneyGram, said the company is bullish on the cryptocurrency space. Hence, the reason why she invested in Coinme, a company she believes has huge potential in the cryptocurrency market.

He said, “At MoneyGram, we remain optimistic about the huge opportunities that exist in the ever-growing world of digital currencies and our ability to act as a compatible bridge to link digital assets with local currency. Our investment in Coinme strengthens our partnership and complements our shared vision of expanding access to digital assets and cryptocurrencies.”

MoneyGram is expanding its presence in the crypto space

MoneyGram is not new to the cryptocurrency market. In May last year, the company partnered with Coinme to allow its customers in the United States to withdraw their cryptocurrency for cash.

MoneyGram confirms that it wants to bridge the gap between bitcoin and local fiat currencies. Holmes said that the money transfer company has additional initiatives in the pipeline to strengthen its partnership with Coinme.

Coinme is one of the world’s leading Bitcoin ATM operators. According to its official website, the company has Bitcoin ATMs installed in more than 20,000 locations.

MoneyGram is not the only traditional financial institution that has expanded its presence in the cryptocurrency space in recent months. On December 21, Visa announced the launch of a global crypto advisor to help customers and partners navigate the cryptocurrency space.

Mastercard, another major traditional financial institution, acquired CipherTrace on September 9, 2021. This acquisition allows Mastercard’s cybersecurity solutions to provide businesses with greater transparency in the cryptocurrency space.

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