Ripple’s Xpring Invests in the World’s Largest Bitcoin ATM Network Coinme; A Gateway For XRP?
- Coinme secures $1.5 million from Ripple Xpring
- Xpring’s first investment in the cryptocurrency kiosk industry will help in obtaining additional licenses
- Community suspects, it is xRapid gateway to ATMs
Ripple’s Xpring has invested in the world's largest Bitcoin ATM network Coinme, announced Suneet Wadhwa, Head of strategic partnerships at Ripple.
Conime first launched its one of many cryptocurrency ATMs in 2014 in the United States. Now, through its partnership with Coinstar, the company powers the largest cryptocurrency ATM in the world, reaching 2,600 kiosks across the US.
Xpring is Ripple’s ecosystem initiative that invests in blockchain startups and entrepreneurs or developers that are working in the domains of interoperability, decentralized finance, and digital asset-based payments.
A few of the companies the fund has invested in includes Coil, XRP Labs, Dharma, Omni, and Blockchain Capital.
Coinme, according to Cryptoslate, secured $1.5 million from Ripple’s Xpring fund.
This, first of the kind investment by the fund in the cryptocurrency kiosk industry, has the community speculating that this is xRapid’s gateway to ATMs and XRP could soon be listed on these over 2,600 kiosks.
The funds Wadhwa explains, will be used to obtain additional licenses to operate nationwide and expand into key international markets.
“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,”
With this partnership, Coinme, for the first time, will support use cases like cash-based remittances that XRP has been working on solving.