For several years, MoneyGram International, the Dallas-based peer-to-peer money-transfer company, has partnered with and invested in Coinme, a leading licensed cryptocurrency cash exchange and mobile app. Now the association has taken on a new dimension: The general counsel for MoneyGram is leaving to join Coinme as the Seattle-based company’s chief legal and compliance officer.
The appointment of Robert Villasenor to the post illustrates Coinme’s commitment to compliance as it navigates the crypto industry’s legal and regulatory framework during the company’s accelerated growth, Coinme said.
An online platform that provides a way to buy, sell, store, and manage cryptocurrencies including bitcoin and Ethereum, Coinme said it recently surpassed $1 billion in retail sales and has grown annually by 164% on average since its founding in 2014. The arrival of Villasenor comes as the company is planning to bring on new partners—its “crypto-as-a-service” offering has powered MoneyGram Online’s crypto platform since November 2022—and expand its network of 40,000 physical locations for buying and selling crypto.
‘A unique understanding’
Neil Bergquist, Coinme’s CEO and co-founder, said in a statement that Villasenor “has a broad range of legal expertise with a unique understanding of the legal nuances of crypto, money transmission, state and federal regulation and consumer protection. He will be a valuable resource in helping us navigate our continued expansion.”
With more than 25 years under his belt at public companies and law firms, Villasenor most recently served at MoneyGram as general counsel, corporate secretary, and chief administrative officer. In those positions he led the company’s global legal, compliance, human resources, government relations, internal audit, sourcing and corporate affairs functions. He joined MoneyGram in 2018.
Appointed to Texas Work Group on Blockchain Matters
In 2021, Villasenor was appointed by Texas Lt. Gov. Dan Patrick to the 16-member Texas Work Group on Blockchain Matters. A 2022 report by the group to the Texas Legislature recommended about 20 measures intended to bolster the state’s emerging blockchain industry.
In a statement, Villasenor said, “Ensuring compliance and minimizing risk while supporting strategic growth [at Coinme] will be my top priority, and I look forward to contributing to the company’s success and continued leadership in the market.”
In May, Coinme said it had raised $35 million in funding over time from entities including Pantera Capital, Coinstar, and MoneyGram. In January 2022, MoneyGram said it had completed a minority investment in Coinme, giving it a roughly 4% ownership stake in the company. It first partnered with Coinme a year before, when the two companies announced the launch of an initiative to build “a bridge to connect bitcoin to local fiat currency.”
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