Moneygram invests in a crypto ATM operator, and the CEO is enthusiastic about the opportunities that crypto offers.
Moneygram has completed its investment in Coinme, a cryptocurrency ATM operator. "At Moneygram, we remain enthusiastic on the tremendous prospects that exist in the ever-expanding world of bitcoin," the CEO added.
Moneygram International Inc. (NASDAQ: MGI) said on Wednesday that it has made a "strategic minority investment in Coinme, a major cryptocurrency cash exchange in the United States." Moneygram will own about 4% of Coinme as a result of this partnership.
Moneygram's chairman and CEO, Alex Holmes, stated:
We remain optimistic about the tremendous prospects that exist in the ever-expanding world of cryptocurrencies, as well as our capacity to act as a compliant bridge to connect digital assets to local fiat currency, at Moneygram.
Coinme's international expansion goals and other growth activities will be aided by Moneygram's investment.
Coinme, which was founded in 2014, already has a presence in 48 states and wants to expand internationally in the near future. Coinme has teamed with Coinstar, a popular automated service for converting fiat currencies into paper money, to make bitcoin purchase possible at over 21,000 Coinstar kiosks. Over the previous five years, Moneygram has served approximately 150 million customers all over the world.
Moneygram and Coinme have a "vision to extend access to digital assets and cryptocurrencies,” the announcement details.
The Moneygram CEO added:Partnerships with businesses like Coinme will help us cement our position as the industry leader in the use of blockchain and comparable technologies as we ramp up our innovation initiatives.
"Our one-of-a-kind cash-to-bitcoin product with Coinme, introduced in May 2021, extended our business to a totally new customer segment, and we couldn't be happier with our progress," he continued.
Moneygram and Coinbase stated in May that they would "establish a crypto-to-cash model by building a bridge to convert bitcoin to local fiat currencies." Moneygram clients will be able to buy and sell bitcoin at 12,000 locations as a result of the partnership.