One of the global leaders in cryptocurrency ATM manufacturer, Coinme, has recently kick-started its new A-1 funding round to accelerate global expansion. The interesting thing is that the company has successfully secured $1.5 million from Ripple’s Xpring and Blockchain Finance Fund.
Founded in 2014, Coinme is a leading blockchain financial services provider which aims to make cryptocurrencies prevalent across the globe with crypto ATMs. It became the first state-licensed Bitcoin ATM company in the U.S. and now operates the largest Bitcoin kiosk network in the world through the partnership with Coinstar.
The company is building a vertically-integrated network of cryptocurrency ATMs, crypto wallet, and other payment services using crypto to facilitate the client with an easy, secure and efficient medium-of-exchange and store-of-value.
After its inception, the company has been growing continuously and today operates one of the largest crypto ATM networks in the United States. To expand the services and accomplish its goal the firm has recently announced a new funding round and got fresh investment worth $1.5 million from Ripple’s Xpring and the newly established Blockchain Finance Fund.
Xpring is Ripple’s investment and development arm which focuses on investments in companies deeply associated with blockchain technology. It will be Xpring’s first investment in the digital currency kiosk industry.
Neil Bergquist, co-founder, and CEO of Coinme 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 has been developing a platform that accelerates the growth of digital currency economy. “We can now bring that infrastructure to a global audience,” Bergquist added.
Coinme is planning to utilize the capital from the funding round to expand its services across the United States. The company may also acquire additional licenses to take its business in the key international market. The capital might also be used in the development of other key features in its integrated online wallet to facilitate seamless crypto transactions.
Appreciating Coinme’s initiative to bring the crypto forth for everyone to access its mainstream applications and use them for payments and cash-based remittances, Ripple’s vice president Ethan Beard said that the firm is excited to partner with Coinme. He stated:
“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.”