Crypto ATM use is growing as more people adopt cryptocurrencies as part of their financial holdings.
The number of crypto ATMs in existence is steadily increasing and more of the machines are being installed across various locations.
Coinme, a crypto startup, has secured $1.5 million for the expansion of infrastructure which improves the access people have to digital currencies.
The funds were raised through a recently run A-1 funding round from Blockchain Finance Fund and Ripple’s Xpring. Neil Bergquist, co-founder and CEO of Coinme, said that they are bolstered by the confidence shown by Ripple and Blockchain Finance Fund in their firm.
He added that Coinme is building infrastructure which powers the rapidly expanding digital currency economy, and through such funding, they can bring this infrastructure to the public.
According to Bergquist, the money raised from this round of funding will be used to acquire more crypto ATM licenses for continued expansion into the US.
The firm also has plans to explore the international market, with Europe, South America, and Central America being targeted for the expansion. Cryptocurrencies have become more popular in these regions, and hence, Coinme has placed its focus on gaining access to these areas.
Coinme is also planning on developing a cryptocurrency online wallet which can be used for remittances and payments. The wallet would come onto the market and join other services such as the XRP wallet in providing security for crypto users and their holdings.
Coinme and growth over the years
Coinme holds the largest and most extensive network of Bitcoin kiosks in the world. The firm’s ATMs are available in over 2,500 locations, and as they continue to secure funding, the network will add more kiosks to their network.
The company was founded in 2014, and it has experienced steady growth since its formation. In January this year, Coinme integrated its services with Coinstart machines, which provide coin to cash services for crypto users.
Besides the provision of Bitcoin kiosks, Coinme provides its clients with a variety of options such as high volume transactions for institutional investors, crypto retirement options, and concierge trading. These services make Coinme one of the leading firms in the crypto industry.
By securing funding to grow its services and expand its reach, the company is playing a vital role in the adoption of cryptocurrencies into mainstream use.
Ethan Bear, Vice President of Ripple, said that Coinme is making it easier for people to access cryptocurrencies, and make use of these assets for payments and remittances.
He added that Xpring supports such companies that have the potential to transform monetary systems. Individuals who purchase Ripple with PayPal will be looking forward to the growth of the relationship between Ripple and Coinme.