Coinme, a cryptocurrency startup based in Seattle, raked in $10 million worth of funding from investors. Although fluctuating, cryptocurrency is still a powerhouse this 2021. It’s no wonder why Coinme managed to raise a $10 million grant from its existing investors.
What is Coinme?
Coinme is a cryptocurrency startup founded in 2014. Since day one, the company has made it its mission to be one of the world’s trusted cryptocurrency gateway. The legacy started with the most well-known digital currency— Bitcoin. Using the most relevant digital currency back then, Coin me started a few Bitcoin ATMs. It offers an enterprise “application programming interface” or API to provide Bitcoin’s secure sale.
Between 2017 to 2020, Coinme experienced an overwhelming 2,200% revenue growth. Due to the consumer’s demand for bitcoin and the pandemic’s uncertainty, their revenue skyrocketed.
Fast Forward to 2021, Coinme managed to build up and grow thousands of kiosks. The company believes that cryptocurrency provides an equal opportunity for everyone. Therefore it needs to be more accessible.
Coinme is supported by the following:
- Pantera
- Blockchain
- Digital Currency Group
- Xpring
- Coinstar
- Hard Yaka
- Nima
- Percival Capital
How to Use Coinme
For those who are not aware of how to use Coinme, you can buy Bitcoin with four simple steps. First, you’re required to create a Coinme account. Next, you must be able to locate the nearest kiosk to your place. After that, you can insert cash into the kiosk.
However, it would be fantastic if you kept in mind that coins are not accepted for Bitcoin transactions. Finally, you can redeem and receive your Bitcoin in an instant. Another thing you need to remember is Coinme’s daily purchase limit.
‘Crypto-enabling’ Feature
Coinme allows the buy and sell of bitcoins with cash for its customers. Currently, the startup has more than 15,000 locations through partnerships such as Coinstar and Moneygram. Coinme had its bitcoin ATM. However, it’s focusing on its cryptocurrency cash network.
Using the digital currency cash network allows financial services such as Moneygram to be “crypto-enabled” via an enterprise API.
Although the market is volatile, most of Coinme’s consumers are not speculating about its price. Instead, they take advantage of Coinme to acquire cryptocurrencies at store value. There are a lot of ways to take advantage of Coinme’s services. It includes using cryptocurrencies as payment for services and goods or sending it to your friends and family.
$10 Million Worth Funding
As the largest licensed cash network for cryptocurrencies in the US, Coinme raised $10 million for strategic funding. The funds were raised by Coinme’s existing investors, including Digital Currency Group, a capital market company.
Coinme Expansion
The startup plans to expand internationally in the upcoming months. Currently, the company has 58 people in total and managed $30 million to date. Neil Berquist, Coinme’s CEO and co-founder shared expansion plans later this year. He announced that the company would dive into various markets, starting with Latin American.
El Salvador recently became the first country to adopt bitcoin as a legal tender formally. Yes, that means history was marked during cryptocurrencies’ most crucial time. Meanwhile, politicians of Latin American countries share support for bitcoin’s adoption as legal tender. The politician’s active support drives a more favorable opinion of locals.
Specifically, politicians from various nations such as Argentina, Brazil, Mexico, Paraguay, and Panama have expressed their interest and support for cryptocurrency.
Other than penetrating the international markets, Coinme plans to add multi-coin support to its system. It means we get more digital currency offering aside from Bitcoin. It also plans to add a type of payment to buy and sell digital currencies on Coinme’s products.
According to Bergquist, people want different types of payment. Consumers want to buy using their bank account. He especially pointed out how consumers expressed their demands to access different cryptocurrencies other than Bitcoin. Well, now, all your demands are being fulfilled by Coinme, one step at a time.
Final Thoughts
According to PR News Wire, by 2023, the blockchain market, as expected, will rise to $23.3 billion. With the continued growth, investors are sure to spread investment to promising cryptocurrency startups. Since 2017, cryptocurrency startups like Coinme have raised funding. Overall, startups reached a whopping number of $20 billion to date.
