By Kimberly Chin
MoneyGram International Inc. said it has made a minority investment in Coinme, a licensed U.S. cryptocurrency cash exchange, providing support for the exchange’s international plans and growth initiatives.
The investment gives Moneygram a roughly 4% stake in the company and closes out Coinme’s Series A financing round, the company said. MoneyGram didn’t disclose how much it invested.
“We continue to be bullish on the vast opportunities that exist in the ever-growing world of cryptocurrency and our ability to operate as a compliant bridge to connect digital assets to local fiat currency,” MoneyGram Chairman and Chief Executive Alex Holmes said in prepared remarks.
The cross-border digital payments platform and Coinme struck a partnership last May that gave customers access to thousands of point-of-sale locations in the U.S. where they could buy and sell bitcoin.
Founded in 2014, Coinme operates in 48 states and has plans to expand internationally in the near future.
Write to Kimberly Chin at kimberly.chin@wsj.com
Read More:MoneyGram Takes Minority Stake in U.S. Cryptocurrency Cash Exchange
