DALLAS—MoneyGram is reporting it has completed a minority investment in Coinme, a major cryptocurrency exchange in the U.S.
MoneyGram said it had purchased an approximate 4% stake in Coinme as part of an investment strategy which is a follow up to a May 2021 partnership between the two companies to establish a crypto-to-cash model by building a bridge to connect Bitcoin to local fiat currency.
The investment also marks a close for Coinme's Series-A financing round in a bid to propel its international expansion plans towards which, MoneyGram is expected to play a key role, Gadgets 360 reported.
“At MoneyGram, we proceed to be bullish on the huge alternatives that exist in the ever-growing world of cryptocurrency and our potential to function as a compliant bridge to attach digital belongings to native fiat foreign money,” MoneyGram chairman and CEO Alex Holmes said. "Our funding in Coinme additionally strengthens our partnership and compliments our shared imaginative and prescient to broaden entry to digital belongings and cryptocurrencies.