RATE Group | Cryptocurrency ATM startup Coinme raises $5.5M as sales increase amid pandemic – GeekWire
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Cryptocurrency ATM startup Coinme raises $5.5M as sales increase amid pandemic – GeekWire

09 May Cryptocurrency ATM startup Coinme raises $5.5M as sales increase amid pandemic – GeekWire

Posted at 08:53h in Cryptocurrency News by

(Coinme Photo)

Seattle startup Coinme today announced a $5.5 million investment as it sees increasing interest in its cryptocurrency ATM network from both customers and investors.

Neil Bergquist. (Coinme photo)

Coinme CEO Neil Bergquist said the company’s transaction volumes have increased by more than 40% since late February, bucking a trend for many tech startups that are struggling to bring in revenue amid the global pandemic.

Coinme teamed up with Coinstar in January 2019 and has been able to continue reaching customers given that Coinstar kiosks are located inside essential businesses such as grocery stores and pharmacies. Founded in 2014, Coinme has more than 3,500 locations across 27 U.S. states.

Bergquist said there’s increasing interest in bitcoin given the influx of cash into the U.S. economy, and bitcoin’s “halving” process, which reduces its supply.

“The mantra these days is that ‘bitcoin was born in a financial crisis and it will come of…

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