MoneyGram invests in Bitcoin kiosk operator Coinme

  • MoneyGram has acquired a 4% stake in Coinme.
  • The money transfer company said the investment will support the Bitcoin-to-cash exchange’s growth plans.
  • Coinme currently operates in 48 US states and plans to expand internationally.

The transfer giant MoneyGram has acquired a minority stake (4%) in the Bitcoin-to-cash exchange Coinme, according to a press release on Wednesday. The investment closes Coinme’s Series A funding round with the aim of fueling its international expansion plans and helping MoneyGram bridge the Bitcoin and Fiat worlds.

“At MoneyGram, we remain optimistic about the tremendous opportunities that exist in the ever-expanding world of cryptocurrency and our ability to act as a legally compliant bridge to connect digital assets to the local fiat currency,” said MoneyGram Chairman and CEO Alex Holmes said in a statement. “Our investment in Coinme further strengthens our partnership and complements our shared vision of expanding access to digital assets and cryptocurrencies.”

In May, the money transfer company partnered with Coinme to bring Bitcoin kiosks to select MoneyGram physical locations in the US, expanding Coinme’s reach and making it easier for people to buy Bitcoin in person across the country.

“Our unique cash-to-bitcoin offering with Coinme, announced in May 2021, opened our business to a whole new segment of customers and we couldn’t be more pleased with our progress,” added Holmes.

The previous year, the kiosk operator had partnered with Coinstar, a collaboration that spurred “strong national momentum and growth” in Coinme’s mainstream cryptocurrency business in just a few months, leading to one of the company’s most successful quarters to date.

MoneyGram’s investment came after Coinme was selected as a Deloitte Technology Fast 500 winner in November and named the fastest growing company in Washington state and the 78th in North America. Coinme was founded in 2014 and, according to its own information, currently has offices in 48 US states.

“With MoneyGram’s global network and infrastructure, both the company’s ongoing partnership and strategic investments will help us accelerate our growth and international expansion,” said Neil Bergquist, CEO of Coinme, in a statement.


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