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Crypto ATM chain Coinme reels $1.5M from Ripple's Xpring, Blockchain Finance

Image Credit: Coinme

Mon, 16 Sep 2019, 03:18 am UTC

Cryptocurrency startup Coinme has secured $1.5 million in a recently opened A-1 funding round from Ripple’s Xpring and Blockchain Finance Fund.

We are bolstered by this vote of confidence by Ripple and Blockchain Finance Fund in our vision and the exciting opportunity to provide access to digital currencies for millions of people around the world. Coinme is building the infrastructure that powers the rapidly growing digital currency economy. We can now bring that infrastructure to a global audience,” Neil Bergquist, Coinme Co-Founder and CEO, said in a press release.

Speaking to CoinDesk, Bergquist revealed that the funding will be used to obtain more licenses to expand its U.S. and international markets, with plans to target Europe, Central, and South America because of the increasing popularity of cryptocurrencies in the said countries.

Founded in 2014, Coinme is currently in over 2,500 locations and has the largest bitcoin kiosk network in the world. It has integrated its services with the coin-to-cash Coinstar machines in January. Other than kiosks, the Seattle-based firm also offers concierge trading, high-volume transactions for institutional investors, and cryptocurrency retirement options including self-direct IRA and 401(k).

Noting that Coinme paves the way for the mainstream adoption of digital currencies, Ethan Bear, Ripple’s Vice President, said the firm “is making it easy for everyone to access cryptocurrencies and use them for payments and cash-based remittances. At Xpring, we support mission-driven companies that have the potential to transform money. The Coinme team brings a perfect blend of experience to tackle this mission, and we’re excited to partner with them.”

Meanwhile, the capital injection will also be used to develop a cryptocurrency online wallet for retail investors for payments and remittance.

In May, Coinstar, in collaboration with Coinme, expanded its bitcoin buying service to over 2,200 locations in 21 states and the District of Columbia and allowed users at these locations to buy bitcoin with cash. Through their partnership, they have enabled bitcoin purchases at Safeway or Albertsons stores in California, Texas, and Washington and later added support for Jewel, Shaw’s, Save Mart, and more.

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