MoneyGram invests in Bitcoin kiosk operator Coinme

  • MoneyGram has acquired a 4% stake in Coinme.
  • The money transfer company said the investment will support the bitcoin cash exchange’s growth plans.
  • Coinme currently operates in 48 US states and aims to expand internationally.

Remittance giant MoneyGram has acquired a minority stake (4%) in the bitcoin-to-cash exchange Coinme, according to a press release on Wednesday. The investment closes Coinme’s Series A funding round in a bid to propel its international expansion plans and help MoneyGram bridge the gap between the bitcoin and fiat worlds.

“At MoneyGram, we continue to be optimistic about the vast opportunities that exist in the ever-growing cryptocurrency world and our ability to function as a compliant bridge to connect digital assets to local fiat currency,” said said Alex Holmes, chairman and CEO of MoneyGram. said in a statement. “Our investment in Coinme further strengthens our partnership and complements our shared vision to expand access to digital assets and cryptocurrencies.”

In May, the money transfer company partnered with Coinme to bring bitcoin kiosks to select physical MoneyGram locations in the United States, expanding Coinme’s reach and making it easier to buy bitcoin in person across the country.

“Our unique cash-to-bitcoin offering with Coinme, announced in May 2021, opened our business to a whole new customer segment, and we couldn’t be happier with our progress,” added Holmes.

The year before, the kiosk operator had partnered with Coinstar, a collaboration that spurred “strong national momentum and growth” in Coinme’s core cryptocurrency business in just a few months, leading to the one of the most successful quarters in the business so far.

MoneyGram’s investment comes after Coinme was selected in November as a Deloitte Technology Fast 500 winner and named the fastest growing company in Washington state and 78th in North America. Founded in 2014, Coinme said it currently has operations in 48 US states.

“With MoneyGram’s global network and infrastructure, the company’s continued partnership and strategic investment will help us accelerate our growth and international expansion,” Coinme CEO Neil Bergquist said in a statement.

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