MoneyGram buys a 4% stake in cryptocurrency ATM operator Coinme

After the Series A financing, MoneyGram, the money transfer network, has now made a minority investment in cryptocurrency ATM operator Coinme.

In Wednesday’s announcement, MoneyGram Say As part of its strategic investment in crypto companies, it purchased approximately 4% of Coinme’s equity-considering its June valuation of $19.1 million, it may exceed $764,000.The investment is after May 2021 The partnership between the two companies Aims to expand access to cryptocurrency transactions.

Alex Holmes, CEO of MoneyGram, said: “We continue to be optimistic about the huge opportunities in the growing cryptocurrency world and our ability to act as a compliance bridge connecting digital assets with local fiat currencies. Our investment in Coinme is further strengthened. Commended our partnership and praised our shared vision of expanding access to digital assets and cryptocurrencies.”

Currently, MoneyGram users in the United States can exchange their Bitcoin (Bitcoin) And cryptocurrency cash held at the point of sale outlets. Coinme’s website reports more than 23,000 ATM locations in the United States, including MoneyGram and Coinstar.

Although MoneyGram appears to have ended its partnership with Coinme-currently only operating in the United States-it Reduce cooperation Cooperate with Ripple Labs, a blockchain-based payment company in 2021. The two companies signed a strategic cooperation agreement in 2019 to process billions of dollars through Ripple’s RippleNet and on-demand liquidity services.However, MoneyGram Suspension of cooperation In February 2021, the US Securities and Exchange Commission filed a lawsuit against Ripple, accusing it of securities violations.

related: MoneyGram uses Stellar blockchain to initiate USDC settlement

As of press time, MoneyGram Stock (MGI) is trading at $7.55, which has fallen by approximately 2.5% in the past 24 hours.