Coinme Secures Commitments of $1.5 Million in Funding from Ripple’s Xpring and Blockchain Finance Fund
Blockchain Financial Services Leader Coinme Kicks off New Funding Round to Accelerate Global Expansion
Coinme, a global leader in cryptocurrency kiosks and blockchain financial services, announced that Ripple’s Xpring and the newly established Blockchain Finance Fund have made investments in the company as part of Coinme’s recently opened A-1 funding round.
Xpring is Ripple’s developer initiative that focuses its investments in companies building on and providing access to blockchain technology. This is Xpring’s first investment in the digital currency kiosk industry and is further validation of Coinme’s innovative and regulated exchange platform that powers the world’s largest digital currency kiosk network.
“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.”
Founded in 2014, Coinme powers the largest bitcoin kiosk network in the world with over 2,600 locations in partnership with Coinstar. The company is building decentralized finance (DeFi) services, offering vertically-integrated kiosk, digital wallet, and payment services using decentralized assets. Coinme also offers Private Client services, including personalized concierge trading for individuals, high-volume transactions for institutions, and tax-advantaged cryptocurrency retirement options such as a Self-directed IRA and Solo 401(k).
“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,” said Ethan Beard, a senior vice president at Ripple. “At Xpring, we support mission-driven companies that have the potential to transform money. The Coinme team brings a perfect blend of experience to tackle this mission, and we’re excited to partner with them.”
Coinme plans on using capital from this funding round to significantly expand its footprint. The company will obtain additional licenses to operate nationwide in the U.S. and expand to key international markets. Coinme will 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.