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Coinme secures $1.5 million from Ripple’s Xpring

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Coinme, which offers the Kiosk and ATM’s for the digital currencies, has now secured $1.5 million in the funding round of Series A that included the Ripple subsidiary Xpring and Blockchain Finance Fund, the company revealed.

The funds are going to be used for the additional licensing to expand into the International coverage and America.

Neil Bergquist, Co-Founder, and CEO told in a report that Coinme is licensed to operate bitcoin ATM in 29 states and will apply for the further state licenses in the near future as well. As per the international markets, the Coinme has set its eyes on South America, Europe, and Central America given the high popularity of cryptocurrencies in these countries, he added.

Xpring is Ripple developer initiative, that much more focuses its investments in the blockchain technology companies and it the firm first investment in the industry of the blockchain kiosk.

Bergquist also revealed that the Coinme secured $4.5 million in the total of its previous funding, which includes the $3.5 million in the convertible debt, partly from the Coinstar from the past few years, and $1.5 million from a venture fund in early 2017.

With more than 2600 location, Coinme currently services the largest kiosk of the bitcoin network across the globe. Coinme began as a bitcoin exchange in the year 2014 and integrated its services with the coin to cash Coinstar machines in the month of January.

Crypto Kiosks and Bitcoin ATM’s have grown its popularity as coin use the proliferate. Data from the Coin ATM Radar shows a nearly fivefold increase in the number of active crypto ATM installation since the year 2017. Earlier this summer, Bitcoin ARM LibertyX surpasses 1000 kiosks under the service.

Outside the Kiosks, Coinme offers with the concierge trading with the high volume of transactions for the institutional investors, and cryptocurrency retirements options such as the 401(K) and self-directed IRA.

The new funding will also be going to be used towards developing online wallets for the retail investors to help them use the cryptocurrencies for the remittances and payments.

You may also like to read: Blockchain: How Blockchain Works? Everything you need to know

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