Cryptocurrency cash network Coinme raised a $10 million strategic round of funding led by Digital Currency Group, in part to accelerate international growth in response to South and Central America’s embrace of crypto.
In an interview with Crypto Investor, CEO Neil Bergquist said Coinme, which allows the purchase of Bitcoin through partnerships with Coinstar and Moneygram, will also use the cash slug to build new payment methods and expand to other cryptocurrencies beyond Bitcoin.
“In emerging markets, we're seeing cryptocurrency adoption for peer-to-peer payments and remittances have really explosive growth,” he said.
Customers can currently use the Seattle-based company's services to buy bitcoin in 47 states. Bergquist said the company will launch internationally later this year.
Coinme’s raise comes after a $10 million series A fundraise last year, led by Pantera Capital.
Coinme utilizes proprietary software to implement cryptocurrency transactions in existing financial hardware. You can now buy bitcoin at many of the Coinstar kiosks that are ubiquitous at U.S. grocery stores.
Bergquist says Coinme has seen an uptick in interest from potential partners as bitcoin marched through a bull market in recent months.
“After this last cycle, there's a lot more partners that want to be crypto enabled,” he said. “So every time the price goes up, and there's more institutional adoption, and more credible people saying positive things about digital currency, a lot of the larger companies start taking them more seriously.”
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