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SEATTLE, May 07, 2020 (GLOBE NEWSWIRE) — Coinme, a global leader in cryptocurrency exchange services, today announced a $5.5M USD investment by Pantera Capital as part of its ongoing Series A fundraising round. Joey Krug, Co-Chief Investment Officer at Pantera Capital, will be joining Coinme’s Board of Directors as part of the investment. Other recent investors include Blockchain.com, Nima Capital, Coinstar and Hard+Yaka.
Coinme has an ambitious goal of providing mass market access to cryptocurrencies through retailer adoption, for use as a store-of-value and medium-of-exchange around the world. Since launching the first licensed Bitcoin ATM in the U.S. in 2014, Coinme has developed a proprietary API and digital wallet that can ‘crypto-enable’ any existing ATM, kiosk, PoS device, or merchant. This approach enables its services to be offered at potentially hundreds of thousands of locations around the world. Currently, Coinme has enabled Coinstar kiosks to sell bitcoin for cash at over 3,500 kiosks in the United States.
“We’re very excited to have Pantera Capital support our mission to make cryptocurrency globally accessible and delightful to use. Pantera is one of the largest institutional owners of cryptocurrencies and their participation in our round is a vote of confidence in Coinme’s vision, traction and opportunity to drive main-street adoption,” said Neil Bergquist, Co-founder and CEO, Coinme.
“Pantera is thrilled to invest in Coinme and support Coinme’s mission to provide access and utility to cryptocurrencies through its innovative cash-onramp technology. We believe cash onramps and offramps will contribute significantly to the adoption of cryptocurrencies, especially as it relates to cash-based remittances,” said Dan Morehead, CEO of Pantera Capital.
Coinme’s unique services have allowed the company to experience extraordinary growth, even amidst the economic impacts of the COVID-19 pandemic. “Fortunately, Coinstar kiosks are located inside the premises of essential businesses such as major grocery stores and pharmacies, making them fully accessible to our customers,” said Bergquist. “Since the Dow Jones Industrial Average peaked in late February, Coinme’s transaction volumes have increased by more than 40%. People are interested in owning a deflationary currency now more than ever.”
Coinme will use the investment proceeds to expand its cash services into Latin America and complete the development of its native mobile applications.
About Pantera Capital
As the first U.S. Bitcoin investment firm, Pantera Capital is the leading blockchain investment firm and one of the largest institutional owners of cryptocurrencies. Pantera’s mission is to act as the catalyst for widespread blockchain adoption and innovation. Exclusively focused on investing in blockchain technologies, the Pantera team is experienced in both traditional finance and emergent blockchain technology. Having strong relationships with some of the most promising entrepreneurs and other top investors in the space, Pantera is fulfilling its strategic investment philosophy by building a diversified portfolio and bringing industry-specific value-add resources to its portfolio companies.
Coinme is a leading cryptocurrency exchange that is dedicated to helping the world gain access to cryptocurrencies. In 2014, Coinme became the first state-licensed bitcoin ATM company in the U.S. and now powers more than 3,500 kiosks through a partnership with Coinstar, which is the largest bitcoin point-of-sale kiosk network in the world. The company’s vertically-integrated network of cryptocurrency kiosks, digital wallet, and private client services provide customers an easy, secure, and efficient way to buy, store, and transfer cryptocurrencies.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/1954b60c-b544-4aba-89d1-305e6b1bfdda