Moneygram purchases 4% stake in Coinme

• Avinandan Banerjee
• January 06, 2022

Money transmission network MoneyGram is currently having a minor investment in crypto ATM administrator Coinme following a Series A financing round. 

 

In a Wednesday declaration, MoneyGram revealed purchasing approximately 4% possession stake in Coinme, probably more than $764,000, given its valuation of $19.1 million in June- as a strategic investment part in the crypto organization. The investment follows a May 2021 association between the two firms aiming at growing admittance to crypto-fiat trades. 

 

“We keep on being bullish on the tremendous opportunities that exist in the steadily developing universe of cryptographic currency and our capacity to work as a compliant bridge to interconnect local fiat currency and digital assets,” said MoneyGram CEO Alex Holmes. “Our interest in Coinme further fortifies our association and praises our common vision to extend admittance to computerized resources and cryptographic currency.”

 

Presently, U.S.- based MoneyGram clients can trade their Bitcoin (BTC) and crypto possessions for cash at retail location outlets. Approximately 23,000+ ATM spots, including MoneyGram and Coinstar, have been reported by Coinme’s website. 

 

While MoneyGram apparently wraps up its association with Coinme — at present, just working in the United States — it downsized its coordinated effort with blockchain-based payment firm Ripple Labs in 2021. Instead, the two firms inked a necessary association arrangement in 2019, handling billions of dollars through Ripple’s RippleNet and On-Demand Liquidity administrations. 

 

However, in February 2021, MoneyGram froze its partnership after the U.S. Securities and Exchange Commission lodged a complaint against Ripple, asserting protection infringement.

 

MoneyGram stock (MGI) is sold for $7.55 at the time of publication, down about 2.5 percent in the last 24 hours.