MoneyGram Takes 4% Stake in Coinme, Building on Existing Partnership

MoneyGram’s strategic investment will help the crypto cash exchange company to expand globally and in other areas.

AccessTimeIconJan 5, 2022 at 5:38 p.m. UTC
Updated Jan 14, 2022 at 10:06 p.m. UTC

Michael Bellusci is CoinDesk's crypto payments reporter.

Cash transfer company MoneyGram International (MGI) has made a strategic minority investment in cryptocurrency cash exchange company Coinme, giving it a 4% ownership stake, MoneyGram announced in press release Wednesday.

In May, MoneyGram said it would allow customers to buy and sell bitcoin for cash at 12,000 U.S. retail locations through a partnership with Coinme. The two companies have additional initiatives planned to boost the value of their pact, according to Wednesday’s release.

The deal will close Coinme’s Series A funding round, and help support international expansion along with other growth plans.

“We see this as an incredible opportunity to continue our strong growth and build on our leading presence in the world of crypto,” said Neil Bergquist, Coinme’s CEO, in a statement.

“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,” said Alex Holmes, CEO of MoneyGram, in a statement. “Our investment in Coinme further strengthens our partnership and complements our shared vision to expand access to digital assets and cryptocurrencies.”


Read more about

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

CoinDesk - Unknown

Michael Bellusci is CoinDesk's crypto payments reporter.

CoinDesk - Unknown

Michael Bellusci is CoinDesk's crypto payments reporter.