Coinme, the largest Bitcoin ATM network, announced that it has secured funding from Ripple’s Xpring company. This is for $1.5 million in a Series -A funding. Bitcoin ATM Network Coinme secures funding from Ripple’s Xpring.
The funding indicates that Ripples XRP will quickly be accessible on more than 2,600 ATM kiosks within the network of Coinme.
Xpring is Ripple’s developer initiative. It focuses its investments in companies that build on blockchain technology and provide access to it.
Bergquist, co-founder, and CEO of Coinme said the company raised a total of $4.5 million in its prior funding, including $3.5 million in convertible debt, partially from Coinstar over the past few years, and $1.5 million from a new 2017 venture fund. The funding proceeds will be used for additional licensing to expand its U.S. and international coverage.
Coinme allows customers to initially participate with cryptocurrencies to promote use cases such as cash-based remittances that are essential for financial inclusion. By eliminating the technical complexities related to the buying and selling of cryptocurrencies.
Neil Bergquist 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,” added further.
Coinme was founded in 2014 and is the world’s largest bitcoin kiosk network. It has more than 2,600 locations in partnership with Coinstar.
Investment in Xpring, is the first investment Ripple has made in the kiosk sector in cryptocurrency.