MoneyGram has now purchased a 4% stake in Coinme, a United States company that facilitates the cash purchase and sale of bitcoin at physical locations. However, the financial terms of the deal were not disclosed.
The investment closes out Coinme’s Series A round, which builds on a partnership between the two companies that let people acquire and sell Bitcoin at some MoneyGram locations. The companies say that there are extra initiatives in the pipeline that are projected to continue increasing the value of the partnership.
The MoneyGram CEO, Alex Holmes, said:
“Our investment in Coinme further strengthens our partnership and compliments our shared vision to expand access to digital assets and cryptocurrencies.”
MoneyGram has been quite aggressive in pursuing cryptocurrency opportunities to guarantee that it does not get behind in the blockchain space. The company teamed up with Ripple in 2019, tapping the blockchain startup’s XRP digital currency for most of the cross-border payments and foreign exchange settlements.
This partnership ended due to a regulatory dust-up with the Securities and Exchange Commission (SEC). However, MoneyGram recently partnered with rival blockchain network Stellar to support quick money transfers using the USDC stablecoin.
“At MoneyGram, we continue to be bullish on the vast opportunities that exist in the ever-growing world of cryptocurrency and our ability to operate as a compliant bridge to connect digital assets to local fiat currency.”