September 25, 2023

MoneyGram Makes Equity Stake in Crypto ATM Operator

MoneyGram offers a variety of ways of transferring funds overseas, including mobile wallets, bank accounts, at lots of places, and on the web. MoneyGram has concluded its investments in Coinme, crypto’s ATM company. In MoneyGram, we remain enthusiastic on the tremendous prospects present in the ever-expanding world of bitcoin, the CEO added.

MoneyGram’s Recent Cryptocurrency Investment

MoneyGram International Inc. recently concluded a significant equity stake in Coinme, one of the major cryptocurrency cash exchanges in the United States, according to a statement released on 5th January. MoneyGram will have about 4 percent of Coinme as a result of this partnership.

Based on the Chairman and CEO of MoneyGram, Alex Holmes, we remain optimistic about the tremendous prospects that are present in the ever-expanding realm of cryptocurrencies, as well as our capacity to act as a regulatory bridge for linking cryptocurrencies to regional fiat currencies, at MoneyGram. Coinme’s worldwide development goals as well as other development activities would be assisted by MoneyGram’s funding.

Coinme, that was established in 2014, already possesses a presence in forty-eight states and plans on growing globally in the coming years.  Coinme recently teamed with Coinstar, a famous computerized service to convert fiat currencies into banknotes, to make BTC purchases possible at over 21K Coinstar kiosks. Across the previous 5 years, MoneyGram has served approximately 150 customers worldwide.

Based on the release, MoneyGram and Coinme have an aim of extending entry to both digital assets as well as cryptocurrencies. MoneyGram’s CEO went on to say that collaborations with businesses like Coinme would help them cement their place as the market leaders in the use of blockchain as well as comparable innovations as they ramp up their innovation initiatives.

Our one-of-a-kind cash-to-BTC product with Coinme, introduced in May 2021, extended the company to a totally different consumer sector, and we can’t be happier with our achievement, he concluded.

MoneyGram and Coinbase stated in May that they would establish a crypto-to-cash strategy by creating a link to convert BTC to local fiat currencies. MoneyGram clients will be able to purchase and sell BTC at 12K places as a result of the collaboration. 

MoneyGram Taking the Lead Among Wire Transfer Companies

MoneyGram and Western Union are 2 of the most often used wire transfer companies in the United States. Western Union had yet to make any sought of official statements concerning if or not it will accept cryptocurrency. In 2018, MoneyGram partnered with Ripple for testing the XRP token in cross-border transfers. The 2 companies placed their partnership on hold when the SEC accused Ripple of executing an improper securities transaction for $1.3B. In 2019, Ripple invested $30M in MoneyGram.

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