Ripple’s Xpring and Blockchain Finance Fund have invested $1.5 million in Seattle-based crypto ATM startup Coinme.

Coinme secures $1.5 million in funding

On Sept. 12, Coinme, a global leader in cryptocurrency ATMs, announced that it had secured $1.5 million in funding from Ripple’s Xpring and the Blockchain Finance Fund to further develop its cryptocurrency ATM network in the U.S. and international markets.

Coinme, in partnership with Coinstar, powers the world’s largest Bitcoin (BTC) ATM network, with over 2,600 kiosks across the United States. 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 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 echoed similar sentiments by saying that Coinme is paving the 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.”

At the moment Coinme only offers Bitcoin at its ATMs. However, one could speculate that the investment from Ripple could one day mean that XRP will join Coinme’s network of kiosks. 

"2600 Bitcoin ATMs in the USA, only 1 in Venezuela"

While Coinme powers more than 2600 crypto kiosks in the U.S, Cointelegraph recently reported that according to data by Coin ATM Radar, Venezuela has finally gotten its very first Bitcoin ATM. After multiple false starts, the Latin American firm Panda BTM was able to install the Bitcoin ATM in the city of San Antonio del Táchira.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed Join Telegram

Recommended content


Recommended Content

Editors’ Picks

XRP bulls in spotlight as SEC v. Ripple court filing hints at early closure

XRP bulls in spotlight as SEC v. Ripple court filing hints at early closure

XRP price could make or break based on the outcome of Ripple Labs case with the US Securities and Exchange Commission (SEC). In the latest twist and turn in the courtroom drama, Ripple (XRP), which is a cross-border payment settlement firm.

More Ripple News

Bitcoin struggles to fly despite clear skies up to $19,280

Bitcoin struggles to fly despite clear skies up to $19,280

Bitcoin price is struggling to overcome a small hurdle after a fresh start to the week. A closer look reveals that BTC could easily trigger a rally but is unable to do so despite a lack of resistance to the upside.

More Bitcoin News

AVAX's traders bet should be on Avalanche bulls triggering a 15% rally

AVAX's traders bet should be on Avalanche bulls triggering a 15% rally

AVAX price has broken out of a critical hurdle and pattern, signaling the start of a quick run-up. However, bulls face another blockade that needs to be overcome to trigger an extended rally.

More Avalanche News

Ethereum bulls come to the rescue with a plan to revisit $1,500

Ethereum bulls come to the rescue with a plan to revisit $1,500

Ethereum price set up a local top after a quick run-up over the last week. This move was followed by a tight consolidation that resulted in a breakdown, allowing sidelined buyers to step up. As a result, ETH is primed for a quick run-up.  

More Ethereum news

Bitcoin Weekly Forecast: Assessing likelihood of 80% rally for BTC before 2023

Bitcoin Weekly Forecast: Assessing likelihood of 80% rally for BTC before 2023

A massive bullish move is coming. In the last two articles, we have taken a look at why this is possible from a technical and on-chain perspective. In this weekly forecast, we will take a look at Bitcoin’s monthly performance for the last decade and determine if this bullish outlook is possible. 

Read full analysis

BTC

ETH

XRP