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MoneyGram Buys 4%Stake in Crypto Exchange Operator CoinMe

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MoneyGram Buys 4%Stake in Crypto Exchange Operator CoinMe

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  • MoneyGram has actually acquired a 4%stake in crypto exchanger CoinMe
  • CoinMe ran over 8,500 cryptocurrency kiosks in the U.S.
  • MoneyGram states the relocation strengthens its faith in the crypto sector

MoneyGram has actually enhanced its ties with the cryptocurrency market by purchasing a 4%stake in CoinMe in a current Series A funding round. MoneyGram, which last October signed a handle Steller to utilize its blockchain for stablecoin deals, stated that the stake permitted it to develop on its desire to be a “certified bridge to link digital possessions to regional fiat currency” and enhances the faith that the business has in the cryptocurrency area.

MoneyGram Dives Deeper into the Crypto Swamp

MoneyGram revealed the purchase of the stake on Wednesday, stating that it provided the cash transmitter “a direct ownership position in among the very first and fastest growing cryptocurrency business on the planet”. CoinMe was the very first certified Bitcoin ATM business in the U.S. with over 8,500 kiosks in 48 states, primarily thanks to its partnership with Coinstar.

MoneyGram Chairman and CEO Alex Holmes, stated in its news release that the purchase strengthened the business’s bullishness on the future of cryptocurrencies:

At MoneyGram, we continue to be bullish on the large chances that exist in the ever-growing world of cryptocurrency and our capability to run as a certified bridge to link digital possessions to regional fiat currency. Our financial investment in Coinme even more enhances our collaboration and compliments our shared vision to broaden access to digital properties and cryptocurrencies.

MoneyGram was notoriously at the heart of a ‘offer’ with Ripple in 2019 to utilize its xRapid service, however it ended up that Ripple was paying MoneyGram to utilize its service. The offer was ditched in 2015 after Ripple was taken legal action against by the Securities and Exchange Commission prior to revealing a handle Stellar where MoneyGram would utilize the Ripple fork to run a trial USDC remittance program.

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