MoneyGram has invested in US Bitcoin business Coinme.
In Brief:
Coinme enables people to buy Bitcoin with cash at physical locations.
MoneyGram, which was already partnered with Coinme, has acquired a 4% stake.
The businesses reportedly have plans to do more with their partnership going forward.
What does this mean?
MoneyGram, which operates money transfer services and is a key player in the remittance space thanks to its network of physical branches, says it’s keen to pursue more opportunities where cryptocurrencies can improve the process.
It’s had a partnership with Ripple since 2019 and CEO Alex Holmes says the firm remains “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.”
