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.
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