Coinme secures $1.5 million from Ripple’s Xpring, XRP listing on 2,600 ATMs soon? 🚨 This article is 5 years old...
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Coinme secures $1.5 million from Ripple’s Xpring, XRP listing on 2,600 ATMs soon?
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Updated: Nov. 8, 2019 at 10:20 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Coinme, the world’s largest Bitcoin ATM network, secured $1.5 million from Ripple’s Xpring fund. The investment could suggest that XRP will soon get listed on Coinme’s network of over 2,600 kiosks.
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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XRP
$2.36070
The XRP Ledger is a decentralized cryptographic ledger powered by a network of peer-to-peer servers.
Bitcoin
$98,652.52
Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Coinme
Coinme is a Seattle-based crypto financial services and blockchain technology company dedicated to helping the world gain access to virtual currency.
Ripple
Ripple is a US-based technology company which develops the Ripple payment protocol and exchange network using XRP, the digital asset native to the XRP Ledger.
Xpring
Xpring Platform is the open platform for money that provides tools, services and programs that make it easy for developers to integrate payments into their applications.
