MoneyGram gets 4% from cryptocurrency ATM operator Coinme

Following the Series A funding, money exchange network MoneyGram has now made a small investment in cryptocurrency ATM operator Coinme.

In a statement released on Wednesday, MoneyGram said it had acquired around 4% of Coinme's shares as part of a positive investment in the cryptocurrency company. Earlier, in May 2021, the two companies formed a joint venture to expand the use of the cryptocurrency exchange.

MoneyGram CEO Alex Holmes said, “We remain optimistic about the future of crypto's global growth and its potential as a bridge-based digital asset integration with local funds. cryptocurrencies. "

Now, MoneyGram users in the US can exchange their Bitcoin and cryptocurrency holdings for cash on sale. The Coinme website reports that the United States has used more than 23,000 ATMs, including MoneyGram and Coinstar.

Although MoneyGram appears to have ended its partnership with Coinme, which now operates exclusively in the United States, it reduced its partnership with Ripple Labs, a blockchain payments company, in 2021. The two companies entered into a joint venture agreement in 2019 to complete millions of dollars in funding for Ripple's RippleNet and Financial Services as needed. However, MoneyGram ceased its involvement in February 2021 after the United States Securities and Exchange Commission (SEC) sued Ripple for security breach.

At the time of this writing, MoneyGram (MGI) stock was trading at $ 7.55, down 2.5% in the past 24 hours.