MoneyGram, the publicly traded money transfer company, has completed a strategic minority investment in Coinme, a cryptocurrency cash exchange in the US, the company announced today.
The investment gives MoneyGram a 4% ownership stake in Coinme and closes out the exchange’s Series A financing round.
The investment builds on a previous partnership between MoneyGram and Coinme in May 2021, as previously covered by The Block. The original partnership was created to push a crypto-to-cash model by connecting bitcoin to fiat currency. The two companies are working on additional initiatives together, the announcement said.
“Our unique cash-to-bitcoin offering with Coinme, announced in May of 2021, opened our business to an entirely new customer segment, and we couldn’t be more pleased with our progress. As we accelerate our innovation efforts, partnerships with startups like Coinme will further our position as the industry leader in the utilization of blockchain and similar technologies,” Alex Holmes, MoneyGram Chairman and CEO, said in a statement.
Coinme was founded in 2014 and operates in 48 U.S. states, with future plans to expand globally. It was recently named one of the fastest-growing technology companies in North America by Deloitte.