4% Stake in Coinme Acquired by Moneygram for Bridging Connection between Fiat and Crypto
Moneygram has become keen on crypto and has successfully sent an investment into the company known as “Coinme”, which is a company involved in the business of operating and maintaining crypto enabled Automated Teller Machines (ATMs).
Alex Holmes, who is the CEO of Moneygram International Inc. has announced investing in a crypto company. He said on 5th January 2022 that minority investment has been sent into Coinme i.e. US’s major operator of crypto enabled ATMs. With the investment, Moneygram now owns a 4% stake in Coinme, said, CEO Holmes.
Holmes is also the Chairman of the company and has been very bullish about crypto for the past year. He commented on Wednesday that crypto has been providing vast opportunities to every single business in the world. He further stated that Moneygram would like to bridge the connection between national currencies and cryptocurrencies.
The purpose of the investment was told to be Coinme’s business expansion outside the US as well. In addition, the investment will help Coinme to increase its manpower and capacity of rendering the best of its services.
Coinme came into existence in 2014 in the US and has been headquartered in the US as well. It currently operates and renders its crypto-enabled ATM operating and maintenance services in 48 states of the US. The company had earlier entered into a partnership relationship with a company called “Coinstar”. This company of Coinstar on the other hand is involved in the business of converting fiat into digital currencies, particularly for the acquisition of Bitcoins. However, it was the intention of Coinme to expand its operations across the borders for which it needed an investment partner. Now that investment partner has been found in the shape of Monegram which is currently serving more than 150 million consumers across the globe.
On the other hand, Monegram’s CEO said that with the partners like Coinme on their side, they wish to utilize blockchain technology to the fullest. Blockchain technology is the technology of future and no other technology would ever be able to replace it, said CEO Holmes.
Earlier in May 2021, the partnership of Moneygram and Coinme had also introduced the cash-to-Bitcoin feature. The feature was an instant hit and since then Moneygram has become bullish about crypto.
