MoneyGram Buys 4% Stake in Crypto Trade Operator CoinMe

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  • MoneyGram has bought a 4% stake in crypto exchanger CoinMe
  • CoinMe operated over 8,500 cryptocurrency kiosks in the U.S.
  • MoneyGram says the saunter reinforces its religion in the crypto sector

MoneyGram has bolstered its ties with the cryptocurrency alternate by buying a 4% stake in CoinMe in a up-to-the-minute Sequence A financing round. MoneyGram, which last October signed a form out Steller to make utilize of its blockchain for stablecoin transactions, acknowledged that the stake allowed it to invent on its have to be a “compliant bridge to join digital sources to native fiat currency” and reinforces the religion that the firm has in the cryptocurrency home.

MoneyGram Dives Deeper into the Crypto Swamp

MoneyGram launched the buy of the stake on Wednesday, announcing that it gave the money transmitter “an quick ownership station in a single of the first and fastest increasing cryptocurrency corporations on the earth”. CoinMe turned into once the first licensed Bitcoin ATM firm in the U.S. with over 8,500 kiosks in 48 states, basically because of the its collaboration with Coinstar.

MoneyGram Chairman and CEO Alex Holmes, acknowledged in its press free up that the buy bolstered the firm’s bullishness on the lengthy bustle of cryptocurrencies:

At MoneyGram, we continue to be bullish on the huge opportunities that exist in the ever-increasing world of cryptocurrency and our skill to characteristic as a compliant bridge to join digital sources to native fiat currency. Our investment in Coinme additional strengthens our partnership and compliments our shared imaginative and prescient to amplify secure admission to to digital sources and cryptocurrencies.

MoneyGram turned into once famously on the center of a ‘deal’ with Ripple in 2019 to make utilize of its xRapid carrier, however it grew to alter into out that Ripple turned into once paying MoneyGram to make utilize of its carrier. The deal turned into once scrapped last yr after Ripple turned into once sued by the Securities and Trade Commission sooner than announcing a form out Stellar the put MoneyGram would utilize the Ripple fork to characteristic a trial USDC remittance program.

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