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Money Transfer Network MoneyGram currently has a small amount of investment in the following areas encryption ATM administrator Coinme completed the A round of financing.
On a Wednesday declaration, MoneyGram revealed that it purchased approximately 4% of Coinme’s equity, which may exceed US$764,000, given its June valuation of US$19.1 million-as a strategic investment part of the crypto organization. This investment follows the alliance established between the two companies in May 2021, which aims to increase access to cryptocurrency transactions.
Alex Holmes, CEO of MoneyGram, said: “We continue to be optimistic about the huge opportunities in the steady development of the cryptocurrency field and our ability to act as a compliance bridge connecting local fiat currencies and digital assets. “Our interest in Coinme further strengthens our association and commends our shared vision of expanding access to computerized resources and cryptocurrencies.”
Currently, MoneyGram customers in the US can trade their Bitcoin (BTC) and cryptocurrency assets in cash in retail stores. Coinme’s website reports about 23,000 ATM points, including MoneyGram and Coinstar.
Although MoneyGram has apparently ended its cooperation with Coinme — currently, it is only working in the United States — it has reduced its coordination with blockchain-based payment company Ripple Labs in 2021. Instead, the two companies signed the necessary cooperation arrangements in 2019 to handle RippleNet and on-demand liquidity management through Ripple, billions of dollars.
However, in February 2021, MoneyGram froze its partnership after the US Securities and Exchange Commission filed a complaint against Ripple, claiming that it violated protections.
MoneyGram stock (MGI) was sold at a price of $7.55 at the time of launch and has fallen by approximately 2.5% in the past 24 hours.
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