Moneygram Buys 4% Stake In Cryptocurrency ATM Operator

The crypto space has provided an enormous amount of earning opportunities for everyone. It’s the reason institutional and individual investors keep venturing into the sector, despite the volatility of the market as witnessed in the past month. 

Institutional investors dominated the crypto space last year, and it appears that the trend will continue in 2022, with Moneygram International the latest investor to venture into the space. Report has it that the famous cross-border payment corporation has purchased a 4% stake in the leading cryptocurrency company Coinme. 

Moneygram revealed to the media on Wednesday that it had invested in the American crypto Coinme. Moneygram now owns a 4% stake in the company, and will be willing to acquire more pending the growth of Coinme. 

Deal Will Elevate Both Companies

While announcing the partnership, Moneygram C.E.O Alex Holmes, acknowledged the endless opportunities the crypto sector has brought. He further revealed that the deal with Coinme will elevate both companies and solidify their status as leaders in the financial industry in the long run.

He said Moneygram aims to leverage the vast opportunities presented by the industry to integrate digital assets into the world of fiat currencies. With the latest investment, Coinme’s intentions to expand globally can move to another level. For Moneygram, the deal will position it as a leader in blockchain technology. 

This isn’t the first time the two companies had collaborated to execute a project. Last May, the companies co-launched a unique cash-to-crypto model that connects digital assets to bank notes. This new product offering was launched to provide services to customers wanting to convert their cash to crypto and vice versa. 

Coinme Continues To Expand Internationally

Though Coinme is headquartered in the U.S., it aims to expand to other countries. At the moment, the firm has an approval to offer its services in forty-eight states in the U.S. and has close to six thousand ATMs established in forty-four out of the forty-eight states it is licensed to operate in. The recent partnership would contribute towards its expansion goals.  

Crypto ATMs are increasingly becoming popular. In 2020, about thirteen thousand ATMs were present globally. Fast forward to 2021, digital assets ATMs installed worldwide have tripled by almost 3x. Currently, there are about thirty-four thousand available. 

The amount of crypto ATMs currently is insufficient compared to the number of users available. With crypto adoption increasing, there’s a need to bolster the number of available Bitcoin ATMs to serve the increasing number of users conveniently. 

Bitcoin ATMs, like their traditional counterparts, are for financial transactions. Unlike the regular ones, Bitcoin ATMs don’t dispense cryptocurrency. Through them, customers can make crypto purchases. 

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