Largest Bitcoin ATM Network Coinme Raises New Funding from Ripple’s Xpring

- Advertisement -

[NEWS BLOG]: Largest Bitcoin ATM Network Coinme Raises New Funding from Ripple’s Xpring

Coinme, which provides kiosks and ATMs for digital currencies, raised $1.5 million in a Series A-1 financing round that included Ripple’s subsidiary Xpring and Blockchain Finance Fund, the company said.

Proceeds from the funding will be used for additional licensing to expand its U.S. and international coverage.

Co-founder and CEO Neil Bergquist told CoinDesk that Coinme is licensed to operate bitcoin ATMs in 29 states and will apply for further state licenses in the near future. As for international markets, Coinme has set its eyes on Europe, Central and South America given the high popularity of cryptocurrencies in these countries, Bergquist added.

Xpring is Ripple’s developer initiative that focuses its investments in blockchain technology companies and is the firm’s first investment in the bitcoin kiosk industry.

Bergquist said Coinme raised $4.5 million in total in its previous financing, including $3.5 million in convertible debt, partly from Coinstar over the last few years, and $1.5 million from a venture fund in early 2017.

With more than 2,500 locations, Coinme currently services the largest bitcoin kiosk network in the world. Coinme began as a bitcoin exchange in 2014 and integrated its services with the coin-to-cash Coinstar machines in January.

The Coinstar kiosks allow customers to exchange bills and coins for a code sent to their mobile device that can be used to redeem up to $2,500 of crypto. The partnership was announced earlier this year with the kiosks mainly placed in public venues such as supermarkets.

Crypto kiosks and Bitcoin ATMs have quickly grown in popularity as coin use proliferates.

 

Data from Coin ATM Radar shows a nearly five-fold increase in the number of active crypto ATM installations since 2017. Earlier this summer, bitcoin ATM LibertyX surpassed 1,000 kiosks under service.

Outside of the kiosks, Coinme provides concierge trading, high-volume transactions for institutional investors, and cryptocurrency retirement options such as a self-directed IRA and 401(k). Bergquist said one of the services provides white-gloved transaction services to high-net-worth individuals with a minimum investment of $5,000.

The new funding will also go towards developing online wallets for retail investors to help them use cryptocurrencies for payments and remittance.


- Advertisement -

OTHER RELATED NEWS

Biggest Crypto Price Movements of 2019 - FOR XRP

The start of 2020 is a great time to look at the path travelled by cryptocurrencies up and down the price charts and analyze how these coins have been performing throughout the previous year. The prices of most cryptocurrencies changed tremendously throughout 2019, as the year started off slow but then saw most cryptocurrencies jump in value over the first six months.

However, some like Luna Coin (LUNA) exhibiting a considerable growth of 48,900%. Others, such as Lumen (XLM), lost more than half their price value and tumbled from the pedestal of crypto glory. DogeCoin (DOGE) demonstrated the lowest volatility, which is entering 2020 - read more.

Ethereum Price Fell 43% Yesterday — That Was Its Worst Day… Ever

Ethereum Falls Off a Cliff

According to data from Nic Carter, a Bitcoin/industry startup investor and the co-founder of CoinMetrics, yesterday was Ethereum’s worst day in history; while BTC closed down 40%, the second-largest cryptocurrency lost 43% on the day, clearly marking its worst performance ever.

The last time it dropped even remotely close to this hard was amid 2017’s tumultuous uptrend, which was marked by large bouts of volatility due to global news and technical developments regarding cryptocurrencies.

Ethereum’s dramatic crash has had some serious effects on users of the ecosystem, not just investors.

As a result of Thursday’s volatility, - read more.

White House Moves Towards Intense Crypto Crackdown, What Will it Mean for Investors?

Ever since US President Donald Trump shared his thoughts on Bitcoin in a blistering tweet from last July, crypto investors have been nervously anticipating news regarding when the government would start a formal crackdown on the nascent technologies.

It now appears that this crackdown could be on its way in the coming couple of years, as the White House’s newly released 2021 budget proposal recommends shifting the US Secret Service to operate underneath the Treasury in order to investigate crypto-related crimes.

White House Budget Proposal Links Crypto to Crime and Terrorism

In the 106-page document, the word “cryptocurrency” is only mentioned - read more.

DROPZ
Made for Fun, Easy to use, Easy to Solve!
Catch Every Dropz!
Contact us

[email protected]