Xpring, the XRP ecosystem accelerator initiative from Ripple, announced that it has invested in Coinme, a cryptocurrency ATM and blockchain financial services company.
In 2014, Coinme launched one of the first cryptocurrency ATMs in the United States, and now through its ‘crypto-enabling’ technology and recent partnership with Coinstar, manages one of the largest cryptocurrency ATM networks.
This is Xpring’s first investment in the ‘crypto-mat’ industry. The funds will be used to acquire additional licenses to operate nationwide and expand to other international markets.
Suneet Wadhwa, Ripple Head of Strategic Partnerships, said:
“We’re excited to partner with Coinme. They have the right team, technology, and thoughtful approach as a licensed and regulated entity to be a pillar for mainstream cryptocurrency adoption.”
“This is the kind of infrastructure we at Xpring want to support as it aligns with our mission to advance the proliferation and adoption of cryptocurrencies, such as XRP, to solve real-world problems.”