Blockchain startup Coinme secures $1.5M investment from Ripple’s Xpring and Blockchain Finance Fund to expand its global footprint
Coinme, a global operator of cryptocurrency kiosks and blockchain fintech startup with the goal of helping the world gain access to digital currency, announced today it has raised $1.5M A-1 funding round investment from Ripple’s Xpring and the newly established Blockchain Finance Fund to expand its global footprint.
The company also plans to obtain additional licenses to operate nationwide in the U.S. and expand to key international markets. Coinme will continue to integrate key features into its online wallet in order to serve retail demand for using digital currencies for payments, remittances, and as a trusted store of value.
The company is building decentralized finance (DeFi) services, offering vertically-integrated kiosk, digital wallet, and payment services using decentralized assets. Coinme also offers Private Client services, including personalized concierge trading for individuals, high-volume transactions for institutions, and tax-advantaged cryptocurrency retirement options such as a Self-directed IRA and Solo 401(k).
Founded in 2014, Coinme powers the largest bitcoin kiosk network in the world with over 2,600 locations in partnership with Coinstar®. Five years ago, Coinme became the first state-licensed Bitcoin ATM company in the U.S. and now through a partnership with Coinstar operates the largest Bitcoin kiosk network in the world.
“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,” said Ethan Beard, a senior vice president at Ripple. “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.”
Xpring is Ripple’s developer initiative that focuses its investments in companies building on and providing access to blockchain technology. This is Xpring’s first investment in the digital currency kiosk industry and is further validation of Coinme’s innovative and regulated exchange platform that powers the world’s largest digital currency kiosk network.
“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,” said Neil Bergquist, co-founder and CEO of Coinme. “Coinme is building the infrastructure that powers the rapidly growing digital currency economy. We can now bring that infrastructure to a global audience.”