Coinme secures $1.5 Million in Funding to Expand Fooprints

Coinme recently secured a $1.5 Million in investment from Ripple’s Xpring and Blockchain Finance Fund in Serie A-1 Funding round.

Founded in 2014 a Seattle based startup, Coinme was the first state-licensed Bitcoin ATM company in the US. It now handles millions of dollars (USD) in transactions each month. According to the announcement, Coinme is deploying a global crypto ATM network and also offers a vertically-integrated digital wallet and Private-Client services for individuals and institutions.

Ripple's Xpring focuses on companies building on blockchain technologies. The announcement notes that the latest investment is the validation of Coinme’s regulated exchange platform powering its digital currency kiosk network.

Executive Opinion

Co-founder and CEO of Coinme, Neil Bergquist, said, "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."

A senior vice president at Ripple, Ethan Beard, said, "Coinme is paving the way for mainstream adoption of digital currencies – 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."

Usages of Latest Funds 

PC: A Coinme kiosk network map - Coinme, Inc

According to the announcement, Coinme plans on funds from this investment round to expands its footprint in the U.S. and international markets. The company also plans to obtain additional licenses to operate nationwide in the U.S. and in key international markets.

For retail demand of digital currencies for payments, remittances, and as a trusted store of value, Coinme will additionally integrate key features into its online wallet, the announcement notes.

In January 2019, Coinme has partnered with Coinstar to launch a service that offers consumers the ability to buy Bitcoin at Coinstar kiosks. The maker of kiosks then turn their loose change into spending money without having to sort, roll, and take it to the bank.