MoneyGram invests in Coinme to support international expansion and to extend digital currency uptake
Coinme Global Expansion Gets MoneyGram Boost
MoneyGram has strengthened its Coinme partnership with a 4% minority owner investment. The move comes as part of efforts to bridge bitcoin to local fiat currencies. Thanks to the deal Coinme users will be able to buy and sell bitcoin at thousands of brick-and-mortar MoneyGram counters across the US.
MoneyGram has now secured direct ownership in one of the earliest and fastest-growing crypto companies.
“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,” said MoneyGram Chairman and CEO Alex Holmes in a press release on Wednesday. “As we accelerate our innovation efforts, partnerships with startups like Coinme will further our position as the industry leader in the utilization of blockchain and similar technologies.”
The opportunity for important growth was cited as an important catalyst in the move.
Coinme CEO Neil Bergquist added: “We see this as an incredible opportunity to continue our strong growth and build on our leading presence in the world of crypto. 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.”
A leader in digital P2P payments serving some 150 million people globally since 2017, MoneyGram has emerged as a keen player in the adoption of emerging financial technology, piloting the use of crypto in cross-border P2P payments in 2018. MoneyGram’s initial Coinme partnership in May 2021 expanded Bitcoin access via thousands of new point-of-sale locations.
What is Coinme?
The largest licensed US crypto cash exchange, Coinme facilitates the cash sale and purchase of Bitcoin at over 20,000 physical locations in 48 US states. It continues to power a wide network of Bitcoin ATMs started in 2014 via its partnership with Coinstar, reflecting its philosophy of “crypto-enabling” legacy financial systems to provide simple, trusted and affordable ways to buy, sell, store and manage crypto assets.
Where to find Coinme:
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