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 May 11, 2023 at 7:12 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

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.”

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 an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.

Author placeholder image

Michael Bellusci is CoinDesk's crypto reporter focused on public companies and digital asset firms.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.


Read more about