Crypto startup Coinme has secured up to $1.5 million for the expansion of Bitcoin ATM network. With more people joining the crypto space, the use of crypto ATMs is becoming popular with each passing day. This calls for a larger network of the machines to be installed in various strategic locations.
The move by Coinme will expand the infrastructure and enable more people to have access to their digital assets. The startup raised the funds through a recently launched A-1 funding round—a project of the Blockchain Finance Fund and Ripple’s Xpring.
Co-founder and CEO of Coinme Neil Bergquist said that they are impressed by the confidence that Ripple and Blockchain Finance Fund exuded in the company.
“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.”
Acquire More Bitcoin ATM Licenses
The CEO explained that they would use the funds generated from this round to process more cryptocurrency ATM licenses for further expansion in the US. The company also intends to survey the international market, targeting regions such as Europe, South America, and Central America. These regions have warmed up to blockchain and cryptocurrency and therefore, Coinme is focusing on conquering them.
Importantly, Coinme intends to develop a digital wallet to be used for sending and paying cryptocurrencies. Once launched, the wallet will be in the market alongside others such as XRP wallet, which provides security for cryptocurrency users and their assets.
Established in 2014, Coinme has the largest and most extensive network of Bitcoin ATMs across the world. Its ATMs are available in more than 2500 locations worldwide. As the company gets more funding, it will add more ATM outlets to its network. In addition to running Bitcoin ATMs, Coinme offers various options to its clients, including high volume transactions, concierge trading, and crypto retirement options.