Money transfer company MoneyGram now has a modest investment in Coinme, the to start with state-licensed Bitcoin ATM firm in the United States, following a Series A funding round.
six, MoneyGram stated it acquired a four% ownership stake in Coinme, for more than $ 764,000, with a valuation of $ 19.one million. The occasion follows a partnership in May 2021 involving the two corporations aimed at expanding entry to cryptocurrency exchanges.
MoneyGram CEO Alex Holmes stated the investment in Coinme is meant to additional strengthen the partnership involving the two events and advance MoneyGram’s shared vision for the cryptocurrency industry.
“We continue to be optimistic about the vast opportunities that exist in the ever-changing world of cryptocurrencies and its ability to act as a solid bridge to connect with Fiat.”
Coinme was chosen in November as the winning representative for the Deloitte Technology Fast 500 award and was named the quickest developing firm in Washington State and 78th in North America. Founded in 2014, Coinme at the moment operates in 48 US states. Coinme CEO Neil Bergquist shared that:
“MoneyGram’s global network and infrastructure will help us accelerate our growth and expand internationally.”
Expanding its presence in cryptocurrencies with Coinme, which at the moment only operates in the US, continues to be a “retaliatory strike” for longtime MoneyGram companion Ripple (XRP). The two corporations signed a strategic agreement in 2019, processing billions of bucks by means of RippleNet and On-Demand Liquidity (ODL) solutions.
However, MoneyGram terminated all ties with Ripple in March 2021 immediately after the United States Securities and Exchange Commission (SEC) filed a lawsuit towards Ripple more than an unauthorized securities concern. The firm even claims it has hardly ever made use of the RippleNet platform.
Without stopping there, until finally October, MoneyGram launched a partnership with Ripple’s rival Stellar (XLM), to create a USDC remittance remedy.
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