Cash transmission community MoneyGram now has a minority funding in crypto ATM operator Coinme following a Sequence A funding spherical.
In a Wednesday announcement, MoneyGram said it had bought a roughly 4% possession stake in Coinme — seemingly greater than $764,000, given its valuation of $19.1 million in June — as a part of a strategic funding within the crypto firm. The funding follows a Might 2021 partnership between the 2 companies geared toward increasing entry to crypto-fiat exchanges.
“We proceed to be bullish on the huge alternatives that exist within the ever-growing world of cryptocurrency and our capability to function as a compliant bridge to attach digital belongings to native fiat foreign money,” stated MoneyGram CEO Alex Holmes. “Our funding in Coinme additional strengthens our partnership and compliments our shared imaginative and prescient to broaden entry to digital belongings and cryptocurrencies.”
At the moment, U.S.-based MoneyGram customers are capable of change their Bitcoin (BTC) and crypto holdings for money at point-of-sale shops. Coinme’s web site experiences greater than 23,000 ATM places in america, together with MoneyGram and Coinstar.
Whereas MoneyGram seemingly winds up its partnership with Coinme — at the moment solely working in america — it scaled again its collaboration with blockchain-based funds agency Ripple Labs in 2021. The 2 companies inked a strategic partnership settlement in 2019, processing billions of {dollars} via Ripple’s RippleNet and On-Demand Liquidity companies. Nonetheless, MoneyGram suspended the partnership in February 2021 following the U.S. Securities and Change Fee submitting a criticism in opposition to Ripple, alleging securities violations.
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On the time of publication, shares of MoneyGram inventory (MGI) are buying and selling for $7.55, having fallen roughly 2.5% within the final 24 hours.
