After ending its collaboration with Ripple (XRP), the payment company MoneyGram concluded a partnership with the Stellar network (XLM) in October 2021. This week, we learn MoneyGram is starting the year strong with an investment in Coinme.
Moneygram continue its partnership with CoinMe
Let’s recall that MoneyGram is a payment services company created in 1980 and specialized in international money transfers. It had dipped a toe in the crypto ecosystem with the conclusion of a partnership with Ripple (XRP). The goal of this collaboration was to make cross-border payments easier and faster. Since then, due to the Securities and Exchange Commission (SEC) dispute with Ripple, MoneyGram has ended the momentary association.
Last week, MoneyGram announced in a press release that it had decided to invest in the Coinme exchange. The company has made a strategic investment of about 4% of Coinme’s capital.
MoneyGram announces minority investment in Coinme, the largest licensed crypto-currency exchange in the United States
Furthermore, it is worth remembering that the partnership between MoneyGram and Coinme is not new. Already in May 2021, the two companies had partnered to “facilitate access to Bitcoin (BTC)” .
The president of MoneyGram, Alex Holmes, seems convinced that this investment will strengthen the position of his company in the cryptosphere:
“At MoneyGram, we continue to be optimistic about the vast opportunities that exist in the ever-growing world of cryptocurrency, and our ability to function as a compliant bridge to connect digital assets to fiat currency. Our investment in Coinme illustrates our shared vision of expanding access to digital assets and cryptocurrencies.”
CoinMe exchange looks to expand internationally in 2022
Coinme is a cryptocurrency exchange platform founded in 2014, currently operational in 48 states. However, the exchange wants to accelerate its international expansion, and it is counting on its partnership with MoneyGram to achieve this:
“With MoneyGram’s global network and infrastructure, the company’s continued partnership and strategic investment will help us accelerate our growth and international expansion.”
Last June, Coinme completed a $10 million fundraising round. Thus, the company now, first and foremost, needs a partner that facilitates its expansion with their infrastructure. It seems that MoneyGram is able to offer it that, in addition to its 150 million customers internationally.
In addition, Coinme continues its partnership with ATM provider Coinstar. As a reminder, these ATMs allow the exchange of cash (dollars) for bitcoins (BTC).
