MoneyGram announces that they have invested in CoinMe for a minority stake of 4%. This move is seen as a strategic decision as CoinMe is currently the largest licensed cryptocurrency exchange for cash within the US.
Unlike other cryptocurrency exchanges, they have been in business for close to a decade. Alex Holmes, MoneyGram Chairman, and CEO praised the initiative and sees it as a necessity in this new age of finance.
“At MoneyGram, 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. Our investment in Coinme further strengthens our partnership and compliments our shared vision to expand access to digital assets and cryptocurrencies,” he said.
He also commented on what this means for MoneyGram’s future.
“Our unique cash-to-bitcoin offering with Coinme, announced in May of 2021, opened our business to an entirely new customer segment, and we couldn’t be more pleased with our progress. As we accelerate our innovation efforts, partnerships with startups like Coinme will further our position as the industry leader in the utilization of blockchain and similar technologies,” he said.
It’s all adaptation at this point for traditional financial companies such as MoneyGram. Attaching themselves to a brand such as CoinMe which is seen 78th fastest-growing technology company in America, will allow them to be in the midst of financial innovation.
