Moneygram purchases 4% stake in crypto ATM operator Coinme

Money transmission network Money Gram now has a minority financial investment in crypto ATM operator Coinme following a Series A financing round.

In a Wednesday statement, Money Gram stated it had actually acquired an approximately 4% ownership stake in Coinme– likely more than $764,000, provided its evaluation of $19.1 million in June– as part of a tactical financial investment in the crypto business. The financial investment follows a May 2021 collaboration in between the 2 companies focused on broadening access to crypto-fiat exchanges.

“We continue to be bullish on the large chances that exist in the ever-growing world of cryptocurrency and our capability to run as a certified bridge to link digital properties to regional fiat currency,” stated Money Gram CEOAlex 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 Money Gram users have the ability to exchange their Bitcoin (BTC) and crypto holdings for money at point-of-sale outlets. Coinme’s site reports more than 23,000 ATM places in the United States, consisting of Money Gram and Coinstar.

While Money Gram relatively end up its collaboration with Coinme– presently just running in the United States– it downsized its cooperation with blockchain-based payments company Ripple Labs in 2021. The 2 companies tattooed a tactical collaboration contract in 2019, processing billions of dollars through Ripple’s Ripple Net and On-Demand Liquidity services. However, Money Gram suspended the collaboration in February 2021 following the U.S. Securities and Exchange Commission submitting a grievance versus Ripple, declaring securities infractions.

Related: Money Gram introduces USDC settlement utilizing the Stellar blockchain

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



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