Ripple-Backed Xpring Invests in Crypto ATM Operator Coinme

20 minutes ago | Peter Wind

Crypto ATM firm Coinme has announced a $1.5 million investment in an A-1 funding round from Blockchain Finance Fund and Ripple’s Xpring program. 

Coinme currently only supports Bitcoin purchases, so it’s interesting to see a Ripple-funded program make an investment in the company. Perhaps, it is a signal of future support for XRP. 

Ethan Beard, a senior VP at Ripple, commented:

“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 also made news in January when they partnered with Coinstar, a firm that owns a network of coin cashing machines. The machines can now also be used to purchase cryptocurrency, and Coinme say their network counts almost 2,600 active kiosks. 

Data from CoinATMRadar shows fast growth in the number of Bitcoin ATMs worldwide. As of January 1 2019, the site recorded just over 4,100 Bitcoin ATMs, while the number is approaching 5,600 as we move towards the final quarter of the year. 

The $1.5 million investment from Xpring and Blockchain Finance Fund will be used to fuel the company’s expansion both in the US market and internationally, according to the press release issued by Coinme.

The Coinme investment is quite conservative compared to some previous deals made by Xpring. For example, the program established a $100 million fund with gaming startup Forte in March.

(Excerpt) Read more Here | 2019-09-17 09:18:46
Image credit: source

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