Money transmission network MoneyGram has reportedly completed a minority investment in crypto ATM operator Coinme, via a Series A fundraising. 

Specifically, MoneyGram reportedly disclosed on Jan 5th that it had completed the acquisition of an approximate 4% ownership stake in Coinme – which can be translated to over $764,000, taking into account its valuation of $19.1 million in June – as included within the scope of the strategic investment in the crypto firm. 

The investment reportedly occurred after an initially finalized alliance in May last year between the two companies, with a primary goal of widening the scope of the access to crypto-fiat exchanges.

“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” Head of MoneyGram Alex Holmes reportedly remarked. 

Per Holmes, the investment made into Coinme will reportedly help reinforce both firm’s alliance, as well as complimenting the “shared vision to expand access to digital assets and cryptocurrencies.”

At the moment, MoneyGram users in America will reportedly have the ability to exchange their Bitcoin (BTC) and crypto holdings for cash at point-of-sale outlets. Currently, there are 23,000 ATM places throughout the United States, including MoneyGram and Coinstar.

While MoneyGram is seemingly reportedly bringing its alliance with Coinme – at the moment catering only the users based in the US – to conclusion, it scaled back its partnership with blockchain-powered payments firm Ripple Labs in 2021. 

The two entities reportedly entered a strategic partnership agreement three years ago, processing billions of dollars via Ripple’s RippleNet and On-Demand Liquidity services. 

Nonetheless, MoneyGram put a halt to the alliance after the US SEC submitted a filing of complaint against Ripple, alleging securities violations.