One of the main reasons investors keep turning to cryptocurrencies is the enormous potential the space has. While institutional investors dominated the space in 2021, they appear to have continued in the same vein in this new year.
The latest institutional investor to enter the fray is Moneygram International, which recently invested in Coinme, a cryptocurrency ATM operator.
Moneygram buys 4% stake in Coinme
Wednesday Moneygram Announced who had completed a strategic minority investment in Coinme, a leading US-based cryptocurrency cash exchange.
The announcement revealed that the leading cross-border P2P payments firm’s investment in the crypto firm earned it a 4% stake.
Coinme is a United States-based crypto company licensed to operate in 48 states across the country. The firm was the 78th fastest growing technology corporation in North America.
Speaking about investing in Coinme, Moneygram Chairman and CEO Alex Holmes noted that the company is optimistic about the various opportunities the evolving crypto industry has provided.
In the long term, he believes this partnership will help drive both companies to become financial leaders in their space.
At Moneygram, we remain optimistic about the vast opportunities that exist in the ever-growing world of cryptocurrencies and our ability to operate as a compatible bridge to connect digital assets to local fiat currency.
With this investment from Moneygram, Coinme’s international expansion effort and other growth initiatives are expected to move forward.
As for Moneygram, the association will further strengthen its position as an industry leader in terms of utilization of blockchain technology.
The two companies had previously partnered to develop a crypto-to-cash model by building a bridge connecting the flagship crypto asset to the local fiat currency.
Our unique cash to bitcoin offering with Coinme, announced in May 2021, opened our business to a whole new customer segment and I couldn’t be more pleased with our progress.
Coinme Crypto ATM Operations in the United States
As we said earlier, Moneygram’s strategic partnership with Coinme would help reinforce its international expansion plans. The ATM operator currently has nearly 6,000 ATMs located at Coinstar kiosks in 44 states in the United States, and has set its sights on expanding its services around the world.
Crypto ATMs have become quite popular as they become available data shows that there are approximately 34,000 Bitcoin ATMs installed worldwide as of December 2021. In 2020, there were fewer than 13,000 ATMs worldwide.
A crypto ATM is quite similar in operation to normal ATMs used by financial institutions that allow their customers to carry out certain financial transactions.
The significant difference between the two is that crypto ATMs would allow their users to buy crypto assets such as Bitcoin, Dogecoin, and others, depending on the digital asset embedded in them.
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