Proceeds from the funding will be used for additional licensing to expand its U.S. and international coverage. The company is licensed to operate bitcoin ATM’s in 29 states and will apply for licenses further state licenses in the near future, Neil Bergquist, co-founder and CEO of Coinme told CoinDesk.
As for international markets, Coinme has set its eyes on Europe, Central and South America given the high popularity of cryptocurrencies in these countries, Bergquist added.
Xpring is Ripple’s developer initiative that focuses its investments in blockchain technology companies and is the firm’s first investment in the bitcoin kiosk industry.
Bergquist told CoinDesk, the company has raised $4.5 million in total in its previous financing, including $3.5 million convertible debt partly from Coinstar over the last few years and $1.5 million from a venture fund in early 2017.
With more than 2,500 locations, Coinme currently services the largest bitcoin kiosk network in the world.
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Author: David Pan