Bitcoin ATM Network Coinme Secures $1.5M USD In Funding From Ripple’s Xpring, Blockchain Finance Fund

Coinme, a venture-backed blockchain financial services company, has secured a $1.5 million investment from Ripple’s Xpring and and the newly established Blockchain Finance Fund.

Coinme, which became the first licensed bitcoin kiosk company in the United States in 2014, is dedicated to helping the world gain access to digital currency. The company’s vertically-integrated network of bitcoin ATMs, digital wallet, and private client services provide customers an easy, secure and efficient medium-of-exchange and store-of-value.

The investment, which is part of Coinme’s recently opened A-1 funding round, will be used to significantly expand its footprint. Coinme is planning to obtain additional licenses to operate nationwide in the US and expand to key international markets. It will also continue to integrate key features into its online wallet in order to serve retail demand for using digital currencies for payments, remittances, and as a trusted store of value.

“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,” said Neil Bergquist, co-founder and CEO of Coinme. “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, said that Coinme is paving the way for mainstream adoption of digital currencies – 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,” said Bear. “The Coinme team brings a perfect blend of experience to tackle this mission, and we’re excited to partner with them.”