Coinme, a global leader in cryptocurrency ATMs, secured $1.5 million in funding from Ripple’s Xpring and the Blockchain Finance Fund to develop its cryptocurrency ATM network in the U.S. and international markets.
One of the most famous providers of kiosks and ATMs for cryptocurrencies, Coinnme, managed to raise $1.5 million in a Series A-1 financing round that incorporates Ripple’s branch Xpring and Blockchain Finance Fund. Earnings from the funding will be deployed for auxiliary licensing in order to develop its U.S. and international coverage.
Co-founder and CEO Neil Bergquist commented that Coinme is the company that is licensed to operate Bitcoin ATMs in 29 states and shall register for the forward state licenses in the next few years. As for international markets, Coinme already has its eyes on Europe, Central, and South America because they realized that these countries have the high popularity of cryptocurrencies and are pretty liberal concerning these questions. He 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.”
Ethan Beard, a senior vice president at Ripple commented that Coinme is paving its way for mainstream adoption of digital currencies. He said:
“Coinme 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.”
Xpring is founded as the Ripple’s developer initiative which investments are aimed to be focused on blockchain technology companies and this is the firm’s first investment in the Bitcoin kiosk industry as such.