Digital P2P payments company MoneyGram International has taken a minority stake in Coinme, the largest licensed cryptocurrency cash exchange in the United States.

The move, which closes out Coinme's Series A financing round, means that MoneyGram has a 4 per cent ownership of the crypto exchange.

MoneyGram first announced its original partnership with the company in May last year, revealing plans to create a crypto-to-cash model by "building a bridge to connect bitcoin to local fiat currency".

The company said that the partnership further expanded access to bitcoin by creating thousands of new point-of-sale locations to buy and sell bitcoin.

"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,” said Alex Holmes, MoneygGram chairman and chief executive. “Our investment in Coinme further strengthens our partnership and compliments our shared vision to expand access to digital assets and cryptocurrencies.”

Holmes added: “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."

MoneyGram confirmed that there are future plans with Coinme in the pipeline, which it said were expected to "continue to increase the value of the partnership."

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