Crypto ATM Chain Coinme Collects $1.5M from Ripple Xpring and Blockchain Finance Fund

One of the global leaders in cryptocurrency ATM manufacturer, Coinme, … secured $1.5 million from Ripple’s Xpring and Blockchain Finance Fund.
Coinme crypto ATM

One of the global leaders in cryptocurrency ATM manufacturer, Coinme, has recently kick-started its new A-1 funding round to accelerate global expansion. The interesting thing is that the company has successfully secured $1.5 million from Ripple’s Xpring and Blockchain Finance Fund.

Founded in 2014, Coinme is a leading blockchain financial services provider which aims to make cryptocurrencies prevalent across the globe with crypto ATMs. It became the first state-licensed Bitcoin ATM company in the U.S. and now operates the largest Bitcoin kiosk network in the world through the partnership with Coinstar.

The company is building a vertically-integrated network of cryptocurrency ATMs, crypto wallet, and other payment services using crypto to facilitate the client with an easy, secure and efficient medium-of-exchange and store-of-value.

After its inception, the company has been growing continuously and today operates one of the largest crypto ATM networks in the United States. To expand the services and accomplish its goal the firm has recently announced a new funding round and got fresh investment worth $1.5 million from Ripple’s Xpring and the newly established Blockchain Finance Fund.

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Xpring is Ripple’s investment and development arm which focuses on investments in companies deeply associated with blockchain technology. It will be Xpring’s first investment in the digital currency kiosk industry.

Neil Bergquist, co-founder, and CEO of Coinme said:

“We are bolstered by this vote of confidence by Ripple and Blockchain Finance Fund in our vision and the exciting opportunity to provide access to digital currencies for millions of people around the world.”

Coinme has been developing a platform that accelerates the growth of digital currency economy. “We can now bring that infrastructure to a global audience,” Bergquist added.

Coinme is planning to utilize the capital from the funding round to expand its services across the United States. The company may also acquire additional licenses to take its business in the key international market. The capital might also be used in the development of other key features in its integrated online wallet to facilitate seamless crypto transactions.

Appreciating Coinme’s initiative to bring the crypto forth for everyone to access its mainstream applications and use them for payments and cash-based remittances, Ripple’s vice president Ethan Beard said that the firm is excited to partner with Coinme. He stated:

“At Xpring, we support mission-driven companies that have the potential to transform money. The Coinme team brings a perfect blend of experience to tackle this mission, and we’re excited to partner with them.”

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CryptoKitties Maker Attracts Warner Music; Ripple Rival Stellar’s $124 Million Airdrop

Get Forbes’ top crypto and blockchain stories delivered to your inbox every Friday for the latest news on bitcoin, other major cryptocurrencies and …

Get Forbes’ top crypto and blockchain stories delivered to your inbox every Friday for the latest news on bitcoin, other major cryptocurrencies and enterprise blockchain adoption.

Cardi B Warner Music blockchain

Cardi B’s label Warner Music is partnering with Dapper Labs to offer fans assets on a new blockchain.

KEVIN MAZUR/GETTY IMAGES FOR ROC NATION

BLOCKCHAIN IS MUSIC TO WARNER’S EARS

Warner Music, the entertainment powerhouse behind major stars like Cardi B, Ed Sheeran and Bruno Mars, has joined an $11.2 million investment in Dapper Labs, the company best known for creating the viral blockchain game CryptoKitties.

Warner’s blockchain team will work with Dapper Labs to create new digital assets—think unique, tradable, digital merchandise—featuring a roster of superstar talent. The companies will use a new public blockchain called Flow, which is capable of handling much larger transaction volumes than the Ethereum blockchain.

At stake? The success of Dapper Labs itself, and the dominant position in a rapidly escalating competition to build economies that blur the line between digital assets and the real world.

CRYPTO MARKETS

Bitcoin had a quiet August, despite a 20% bump at the beginning of the month after President Trump tweeted his plans to impose additional tariffs on China and the Chinese yuan reached a 10-year low against the U.S. dollar. The most popular digital currency surrendered these gains as the month wore on, falling to as little as $9,326.

“It is not uncommon for crypto markets to react to global developments and news, but such moves are usually short-lived and loosely correlated,” said Joe DiPasquale, CEO of BitBull Capital.

Bitcoin also saw its lowest levels of volatility in four months this week, shedding more light on just how calm the market has become.

crypto price chart

SOURCE: MESSARI. PRICES AS OF 4:00 P.M. ON SEPTEMBER 13, 2019.

STELLAR’S $124 MILLION AIRDROP

As chatter circulates regarding the status of many crypto assets, like Stellar’s XLM and Ripple’s XRP, as potentially unregulated securities, Stellar has decided to give away roughly $124 million in XLM in a partnership with Keybase, a group messaging and file transfer hub. Ripple, on the other hand, has been selling off its XRP holdings.

INSIDE MILLER LITE’S BLOCKCHAIN BEER TRIVIA

Miller Lite jumped on the blockchain train last month, using the technology for its mobile trivia game that rewards of-age customers at certain bars and restaurants with a $5 prize that can be applied to a Miller Lite purchase. While the effort reads like a marketing play, the game uses blockchain and a crypto token to help verify participants and pay out winners of the game.

UPCOMING EVENT

under 30

At this year’s Forbes Under 30 Summit in Detroit (October 27–30), competitors BMW, Ford, GM and Renault will share the stage to talk about how blockchain can help Motor City reimagine itself. Don’t miss it! Get 30% off General Admission tickets here.

ELSEWHERE

France Vows to Block Facebook’s Libra Currency in Europe, Suggests ‘Public Digital Currency’ Instead. [Gizmodo]

Kakao’s Klay Cryptocurrency to Make First Exchange Listing. [CoinDesk]

An exclusive bitcoin ETF-like product just hit the market—here’s how it works. [CNBC]

Tiny Pacific Nation Makes a Go of Its Own Digital Currency. [Bloomberg]

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Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 15/09/19

Bitcoin Cash ABC rose by 2.15% on Saturday. Reversing a 0.63% fall from Friday, Bitcoin Cash ABC ended the day at $303.81. A bearish start to the …

Bitcoin Cash – ABC – Holds onto $300

Bitcoin Cash ABC rose by 2.15% on Saturday. Reversing a 0.63% fall from Friday, Bitcoin Cash ABC ended the day at $303.81.

A bearish start to the day saw Bitcoin Cash ABC fall to an early morning intraday low $295.24.

Steering clear of the first major support level at $294.76, rallied to a late intraday high $307.0.

Bitcoin Cash ABC broke through the first major resistance level at $300.97 and second major resistance level at $303.94.

Easing back in the final hour, Bitcoin Cash ABC fell back through the second major resistance level, whilst holding onto $300 levels.

At the time of writing, Bitcoin Cash ABC was up by 0.98% to $306.78. A bullish start to the day saw Bitcoin Cash ABC rise from an early morning low $304.97 to a high $307.

Bitcoin Cash ABC left the major support and resistance levels untested early on.

For the day ahead, Bitcoin Cash ABC would need to steer clear of sub-$303 levels to support a run at the first major resistance level at $308.79.

Support from the broader market would be needed, however, for Bitcoin Cash ABC to break out from this morning and Saturday’s high $307.

Barring another broad-based crypto rally, Bitcoin Cash ABC would likely come up short of the second major resistance level at $313.78.

Failure to steer clear of sub-$303 levels could see Bitcoin Cash ABC test the first major support level at $297.03 before any recovery.

Barring a crypto meltdown, Bitcoin Cash ABC should steer well clear of the second major support level at $290.26.

 

Litecoin Visits $71

Litecoin rose by 2.2% on Saturday. Reversing a 0.16% fall from Friday, Litecoin ended the day at $70.62.

A bearish morning saw Litecoin fall from an early morning high $69.49 to a mid-day intraday low $68.30.

Steering clear of the first major support level at $67.56, Litecoin rallied to a late afternoon intraday high $71.45.

The rally saw Litecoin break through the first major resistance level at $70.15 and second major resistance level at $71.22.

A pull-back late in the day saw Litecoin fall back through the second major support level to wrap up the day at sub-$71 levels.

At the time of writing, Litecoin was up by 0.31% to $70.84. A bullish start to the day saw Litecoin rise from an early morning low $70.64 to a high $71.47 before easing back.

Litecoin left the major support and resistance levels untested early on.

For the day ahead, holding above $70.60 levels would support another run at the first major resistance level at $71.95.

Litecoin would need the support of the broader market, however, to break out from this morning’s high $71.47.

Barring another broad-based crypto rally, Litecoin would likely fall short of the second major resistance level at $73.27.

Failure to steer clear of $70.60 levels could see Litecoin reverse Saturday’s gain. A fall through to sub-$70 would bring the first major support level at $68.80 into play before any recovery.

Barring a crypto meltdown, Litecoin should steer clear of sub-$68 levels on the day.

Ripple’s XRP Back at $0.26 Levels

Ripple’s XRP gained 2.34% on Saturday. Following on from a trend-bucking 0.55% rise from Friday, Ripple’s XRP ended the day at $0.26251.

A bearish start to the day saw Ripple’s XRP fall to a mid-morning intraday low $0.25465 before making a move.

Steering clear of the first major support level at $0.2536, Ripple’s XRP rallied to an early afternoon intraday high $0.2660.

Ripple’s XRP broke through the major resistance levels on the way through to a current week high.

A late pullback saw Ripple’s XRP fall back through the third major resistance level at $0.2632. Of significance, however, was the first hold onto $0.26 levels for the week.

At the time of writing, Ripple’s XRP was up by 0.14% to $0.26287. A mixed start to the day saw Ripple’s XRP rise to an early morning high $0.26405 before pulling back to a low $0.26242.

Ripple’s XRP left the major support and resistance levels untested, in spite of the choppy start.

For the day ahead, Ripple’s XRP would need to steer clear of sub-$0.2615 levels to support another day in the green.

A move back through the morning high $0.26405 would bring the first major resistance level at $0.2675 into play.

Barring another broad-based crypto rally, Ripple’s XRP would likely come up short of $0.27 levels on the day.

Failure to steer clear of sub-$0.2615 levels would bring sub-$0.26 levels into play before any recovery.

Barring a broad-based crypto sell-off, however, Ripple’s XRP should steer clear of the first major support level at $0.2561.

Please let us know what you think in the comments below

Thanks, Bob

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Bitcoin’s property as store-of-value more valuable than as a medium of exchange, claims Travis Kling

Talking to Julia Chatterley on CNN’s first move segment, Kling stated that the use of Distributed Ledger Technology was immense in the current space …

In a recent interview with CNN network, Ripple’s CEO Brad Garlinghouse stated that the utility of a digital token is of utmost importance and in the future, the usefulness of an asset will only dictate its long-term value.

Now Travis Kling, Chief Investment Officer at Ikigai Asset management, expressed his opinion on the matter.

Talking to Julia Chatterley on CNN’s first move segment, Kling stated that the use of Distributed Ledger Technology was immense in the current space and ‘money’ was a key part of it, especially the store-of-value aspect. Moving his attention to Bitcoin, he argued that the digital currency was “too good a store-of-value” at the moment, to be a popular medium of exchange.

He believed that Bitcoin’s future as a method of transaction would be realized as the price increases over the next few years and volatility subsided.

Adding to his argument, Kling indicated that all centralized entities that were introducing their own digital token like Libra were essentially backed by fiat currencies. Citing the example of Venmo in the United States and WeChat in China, terming them as “proliferated method of exchange”, Kling acknowledged their efficiency in facilitating transactions but the bottom-line was that they were backed by fiat assets.

He stated,

“Whether you are using WeChat in China or Kakao in South Korea, the underline currency that you are using to spin there is still these fiat currencies, which overtime are going to prove to be an inferior form of Store-of-value in respect to Bitcoin.”

In the interview, Kling admitted that he was quick to dismiss the idea of Bitcoin in the early days of 2014 but claimed that in 2017, after 500 hours of “self-study’, accepted that Bitcoin was one of the most important innovations since the Internet, and likely to be a monumental investment opportunity in the current era.

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Mark is a full-time member of the Editorial team of AMBCrypto. With his five-year experience as a business editor for one of the largest dailies in the US, Mark brings sanity and order to our editorial team. Mark is a business major and loves building automotive parts when he’s not working. Email him at mark@ambcrypto.com or editor@ambcrypto.com

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Coinme Raises $1.5 Million in Funding Program Aided by Ripple’s Xpring

… online/digital wallets catering to the requirements of retail traders as and when they indulge in virtual currencies for payments or other transactions.

Serving as the leading licensed Bitcoin kiosk network in the world, Coinme has announced that it has raised a whopping amount of $1.5 million through its Series A-1 financing program helmed by the Blockchain Finance Fund and San Francisco based Ripple’s subsidiary firm, Xpring.

As per the announcement, the funds collected will be utilized in the licensing acquirement of Coinme’s network with an intention to proliferate into the untrodden grounds of US and other international markets. The capital will also be employed in creating online/digital wallets catering to the requirements of retail traders as and when they indulge in virtual currencies for payments or other transactions.

In a recent interaction, Coinme’s co-founder and CEO, Neil Bergquist, shared that his firm has acquired the approval of the authorities to run Bitcoin ATM’s in 29 US states. The firm plans to get the regulatory license of operation for other places shortly. With a view for setting foot in the international markets, Coinme has planned to explore the economies of Europe, Central, and South America as the regions have high demands of cryptocurrencies.

Neil further stated that Coinme raised $4.5 million in its initial financing round. This included $3.5 million in convertible debt coming partly from Washington-based Coinstar in the past few years, and a venture fund supporting another $1.5 million in 2017.

Founded in 2014, Coinme started its operations as a Bitcoin trading platform but later increased its presence in the market through Coinstar’s coin-to-cash machines. The successful partnership between Coinme and Coinstar took off the ground earlier this year. It currently operates in more than 2,500 locations shining as the world’s largest Bitcoin kiosk network.

The Coinstar machines allow customers to redeem bills and coins for up to a maximum of $2,500 crypto coins. This is carried on through a code which is sent on the customer’s mobile phone when he/she deposits his currency at one of the machines.

According to the data revealed by Coin ATM Radar, Bitcoin ATM’s have seen a five times increase in number since 2017. Bitcoin ATM, LibertyX surpassed 1,000 kiosks during the summer months this year.

Apart from kiosks, Coinme is involved in concierge trading, high-volume trading for big investors, along with digital asset retirement solutions, including a 401 (k) and a self-directed IRA.

Bergquist also revealed that the firm offers a white-gloved transaction facility to customers with high net-worth, i.e., a minimum investment of $5,000.

About Xpring:

Ripple’s developer arm, Xpring is focused on building infrastructure and leveraging blockchain startups by fuelling them with sufficient capital and crucial partnerships. The firm works to exploit the projects and programs that lead to advancement and betterment of XRP and XRP blockchain network.

The primary objective of Xpring is to support developers, businesses, startups, and enterprises that rely on blockchain, especially XRP Ledger, as a potential pedagogy for achieving operational efficiencies.

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