Coinme, through its partnership with Coinstar, hosts the world’s largest Bitcoin ATM network with over 2,600 kiosks across the United States. Today, the startup received a $1.5 million investment from Xpring, an executive from Coinme told CryptoSlate. This is the fund’s first investment in the cryptocurrency ATM industry.
Xpring is Ripple’s initiative that invests in “proven entrepreneurs” who will “use XRP and the XRP Ledger.” More broadly, Xpring invests and partners with companies working in the domains of interoperability, decentralized finance, and crypto-based payments. A few of the companies the fund has already invested in includes Dharma, Securitize, and Coil.
The investment is part of a recently opened series A round from Coinme, with the Seattle-based firm looking to raise a total of $11.8 million.
“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.
Currently, Coinme only offers Bitcoin at its ATMs. However, the investment from Ripple could indicate that the company is working to roll out XRP on its massive network of kiosks. CryptoSlate reached out to both Coinme and Ripple for confirmation and has yet to receive comments.
Coinme plans on using the additional capital to expand its network. The company is working to obtain additional licenses to operate in more locations in the United States while expanding to key international markets.
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