Funding Announcement: A Major Boost for Coinme
On September 12, 2023, Seattle-based cryptocurrency ATM leader Coinme announced it had successfully secured a whopping $1.5 million in funding. The financial backing came courtesy of Ripple’s Xpring and the Blockchain Finance Fund, both of whom are gearing up to help Coinme enhance its vast ATM network not just in the United States but also overseas.
Coinme’s Expanding Network
Coinme has made a name for itself by operating the world’s largest Bitcoin ATM network, boasting over 2,600 kiosks spread across various locations in the U.S. This partnership with Coinstar has been a game changer, allowing Coinme to integrate its services seamlessly into locations where old-school cash still reigns supreme.
Voices from the Top
Neil Bergquist, the co-founder and CEO of Coinme, expressed enthusiasm over the investment, emphasizing how significant this recognition is for the company’s mission. “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,” stated Bergquist. He emphasized that they are on a mission to build the infrastructure fueling the booming digital currency economy.
A Step Toward Mainstream Adoption
Ethan Beard, senior vice president at Ripple, shared similar insights, highlighting how Coinme is setting the stage for mainstream users to embrace cryptocurrencies. He articulated, “Coinme is making it easy for everyone to access cryptocurrencies and use them for payments and cash-based remittances.” The Xpring team firmly believes in mission-driven companies that can turn the financial landscape upside down, and Coinme embodies this spirit.
Future Prospects: The XRP Possibility
Currently, Coinme ATMs exclusively offer Bitcoin transactions, but with Ripple’s involvement, one can’t help but wonder if the network will one day embrace other cryptocurrencies, such as XRP. Just imagine the thrill of being able to swap your dollars for XRP in a kiosk right next to your local grocery store!
Global Crypto ATM Landscape: A Comparative Look
While Coinme’s U.S. presence is significant, the global ATM scene paints a different story. Just to highlight a stark contrast, Cointelegraph recently reported that Venezuela welcomed its first Bitcoin ATM, installed in San Antonio del Táchira by the local firm Panda BTM. It seems like the journey to crypto accessibility is still in its infancy in many parts of the world.
