Bitcoin ATM Network Coinme Raises New Funding From Xpring

Bitcoin ATM Network Coinme, which provides kiosks and ATMs for digital currencies, managed to raise up to .
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5 million in Series-A-1 financing from Ripple’s subsidiary xSpring and Blockchain Finance Fund as per the reports from the company which we are about to read more about in the coming altcoin news.

The proceeds from the funding will be used to the further licensing procedures which aim to expand its US and international coverage. The Co-founder and CEO Neil Bergquist explained that Coinme is licensed to operate Bitcoin ATMs in the 29 states that will apply for further state licenses in the near future. As for the international markets, Coinme set their eyes on Europe and Central America because of the high popularity of cryptocurrencies in the countries. xSpring is Ripple’s developer initiative that mainly focuses on its investments in blockchain technology companies and this is the first investment of the company in the bitcoin ATM industry. Bergquist stated that Coinme raised $4.5 million in total in the previous financing round including the $3.5 million in convertible debt mainly from Coinstar over the past few years and another $1.5 million from the venture fund back in 2017.

The Bitcoin ATM Network Coinmae has more than 2,500 locations and provides services as 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 machines in January. The kiosks allow the customers to exchange bills and coins for a certain code that is sent to their mobile device which can be used to redeem up to $2,500 of crypto. The partnership was announced at the beginning of this year with the kiosks mainly getting placed in public venues. The crypto kiosks and Bitcoin ATMs have grown in popularity as the coin use proliferates. The data from Coin ATM Radar shows that there was a more than five-fold increase in the number of active crypto ATM installations since 2017.

Outside of the kiosks, Coinme provides concierge trading and some high-volume transactions for institutional investors. Bergquist also pointed out that one of the services that the company provides is the white-gloved transaction option for high-net-worth individuals with a minimum investment of $5,000 as per the reports in the latest cryptocurrency news.