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Moneygram International Inc. has invested in leading US cryptocurrency cash exchange Coinme that gives it an approximate 4% ownership stake.
The strategic minority investment by Moneygram will support Coinme’s international expansion plans and other growth initiatives.
The partnership with Coinme allows Moneygram to let customers buy and sell bitcoin at 12,000 locations.
Alex Holmes, Moneygram chairman and CEO, said they are bullish on the vast opportunities in cryptocurrency and their ability to connect digital assets to local fiat currency.
Holmes added that their unique cash-to-bitcoin offering with Coinme opened their business to an entirely new customer segment.
Coinme, founded in 2014, operates in 48 US states with plans to soon expand internationally.
Coinme has partnered with Coinstar, an automated service for turning their fiat coins into paper cash, to enable bitcoin purchase at over 21,000 Coinstar kiosks.
Meanwhile, Moneygram served nearly 150 million people globally over the last five years.
Moneygram and Coinme share a “vision to expand access to digital assets and cryptocurrencies” and “to create a crypto-to-cash model by building a bridge to connect bitcoin to local fiat currency.”
