Coinme is a bitcoin ATM that aims to make it easier for people around the world to access virtual currency. Here’s our review.
What Is Coinme?
Coinme, found online at Coinme.com, is a network of bitcoin ATMs. The company recently announced the launch of its UpToken (UP) digital token.
Coinme made headlines for being the first licensed bitcoin ATM company in America. The company launched in 2014, and operates around 40 ATMs nationwide today. They’ve since expanded their offerings to include a digital wallet, a digital exchange, and an IRA investment service.
Today, Coinme ATMs can be found in 7 states across America, including California, Colorado, Kansas, Louisiana, New Mexico, Texas, and Washington. ATMs in Utah are scheduled to launch in the near future.
How Does Coinme Work?
The ultimate goal of Coinme is to put a fast, easy, and safe crypto ATM on every corner. They also emphasize strong customer service: each ATM has a customer service number available for anyone to call. You can call that number to walk through the process of buying your first bitcoin.
UpToken makes a big deal out of the fact that its employees don’t work on commission. When you call their number, you won’t receive a hard sell encouraging you to transfer your life savings into crypto. Instead, they’re “simply here to help you have the best experience possible.”
Customer service is available through email at [email protected] or by phone at 1 (800) 944-3405.
As with other bitcoin ATMs, you’ll pay a transaction fee to use Coinme’s machines. The company charges a 10% service fee for both buying and selling bitcoins at its kiosks. That’s high for the crypto industry in general, although an 8-10% fee is fairly standard across the bitcoin ATM community.
Overall, Coinme emphasizes speed, familiarity, friendly service, and convenience as its core benefits. Plus, anyone can use cash to buy bitcoin – something that can be difficult with conventional bitcoin exchanges.
How Do UpTokens Work?
UpTokens, or UP, represent a reward for Coinme’s ATM customers. Coinme uses 1% of every ATM transaction to purchase UpToken, which is given to users as a 1% cash back reward.
Customers can use their UpTokens to receive a 30% discount on ATM fees. You’ll get that discount when you pay with UpTokens.
However, there’s a catch: the UpToken rewarded to ATM users through use of the ATM is not available for withdrawal until that user has reached $10,000 in ATM volume.
Token holders also have a vote in suggesting the next cryptocurrency to be added to the Coinme network. Over time, Coinme plans to add new cryptocurrencies to the ATM network. Interested parties can use UpTokens to vote for whichever currencies they wish to add to the network.
Here are the three core features of the currency broken down:
1% Cash Back:
Each time a customer uses the ATM, the customer will receive 1% cash back in the form of UpToken.
30% Discount On Fees:
Customers will receive a 30% discount on ATM transaction fees if they opt to spend their UpToken to cover the transaction fee. As mentioned above, it appears this benefit is available only to customers who have over $10,000 of ATM volume.
UpToken holders can choose the next cryptocurrency available through the Coinme platform.
The UpToken Token Sale
The UpToken ICO began on October 16, 2017 and ends on October 27, 2017 (unless the max is hit earlier).
The token sale made headlines for receiving an investment from retired NFL pro Sidney Rice, who played seven seasons in the NFL. Since retiring three years ago, Rice has been an active investor – including launching a chain of coffeeshops. He claims to have started researching cryptocurrency last year. After connecting with Coinme CEO Neil Bergquist, Rice installed a bitcoin ATM at one of his Drip City coffee shops in Seattle.
Now, Rice is listed as an advisor for the token sale, and he’s participating in the token sale himself.
Coinme launched in 2014. The company began the first licensed bitcoin ATM company in America. Today, Coinme employs 25 people at its Seattle headquarters and has raised $1.5 million to date.
The company earns money through transaction fees. Its ATM network processes approximately $100,000 per month.
Coinme announced UpToken in September 2017. They’re launching 16 new crypto ATMs in October.
Coinme is a well-established cryptocurrency ATM provider that recently launched its own digital token. Called the UpToken, the digital token lets you get 1% cash back on transactions at Coinme ATMs. Certain high-volume users may also get a 30% discount on service fees when paying that fee in Uptokens.
To learn more about Coinme and the ongoing UpToken sale, visit online today at UpToken.org.