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Global remittance and payments giant MoneyGram has acquired a 4% stake in Bitcoin-to-cash exchange, Coinme, as part of the exchange’s Series A funding round to spur its international growth. MoneyGram made the announcement in a press release on Wednesday.
The minority share in Coinme does not come as much of a surprise and shows the confidence both parties have in each other. The two had already partnered up in May of 2021 by bringing the Bitcoin-to-cash services to a select number of MoneyGram outlets in the United States.
MoneyGram chairman and CEO, Alex Holmes, said in the press release:
“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. Our investment in Coinme further strengthens our partnership and compliments our shared vision to expand access to digital assets and cryptocurrencies.”
He added:
“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.”
Coinme was founded in 2014 and currently operates across 48 U.S. states. It was included in the Deloitte Technology Fast 500 in 2021 and was also the fastest growing company in Washington State, where it is headquartered.
Coinme, CEO Neil Bergquist said.
“We see this as an incredible opportunity to continue our strong growth and build on our leading presence in the world of crypto.”
Bergquist added:
“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.”
Coinme recently became one of the first to make use of Ripple Labs, newly launched global liquidity hub.