MoneyGram Acquires Stake in Coinme

MoneyGram Acquires Stake in Coinme 2

Traditional money transfer company MoneyGram bought stakes in the crypto exchange Coinme.

At present, the majority of the tech and traditional companies are giving a better diversification to their funds and they are also giving a better entry to investment in the crypto & blockchain industry. MoneyGram like international companies has hands in crypto and blockchain at better level. 

On 5 January, MoneyGram announced through a press release that Company purchased 5% stakes in the Coinme crypto exchange. 

Earlier this, MoneyGram announced that it established a partnership with Coinme, to allow its users to buy Bitcoin with cash and withdraw cash at more than 20,000 locations in the US through ATM services. However this service is still limited in the US, and probably it will be available in other countries by next year. 

Ripple also has an Investment in this Crypto-cash exchange. In 2019, Coinme established a partnership with the 

kiosk company Coinstar, so that it can facilitate services with Cash services perfectly. 

Right now, Coinme is the first licensed Bitcoin ATM company in the US. And its direct crypto to cash services is available in more than 48 states of the US. This company is also known to provide crypto trading servicewealthylathy people. 

Alex Holmes, CEO of MoneyGram, stated that such Investment by the company is an initiative of the company to bring ease in the circulation and adoption of cryptocurrencies. 

*At MoneyGram, we continue to be bullish on the vast opportunities that exist in the ever-growing world of cryptocurrency and our ability to operate as a compliant bridge to connect digital assets to local fiat currency.”

In March 2021, MoneyGram company broke its partnership with Francisco- based Ripple company because of the theorized the US securities and exchange commission (SEC). 

Read also: Algorand partners with Israel’s research university to support blockchain education