- Early Stages
- Pivot to API
- Recent Developments
Coinme, a Seattle-based crypto financial service, has adapted to industry changes over the past decade. From bitcoin ATMs to API for crypto operations, the company shows steady growth and innovation.
Early Stages
Founded in 2014, Coinme launched the first licensed bitcoin ATM in the U.S. In its early years, the company faced numerous challenges, including regulatory uncertainty and operational issues. CEO Neil Bergquist recalls: 'We had to do cash runs ourselves, visiting the ATM late at night with a backpack full of cash and waiting for the bank to open to deposit it.' Financing was also a challenge, as the company utilized various methods to preserve cash, including high-interest loans and selling personal property.
Pivot to API
The turning point for Coinme came in 2019 when the company shifted from operating its own ATMs to providing software for exchanging crypto at existing kiosks. The partnership with Coinstar enabled Coinme to expand its services without the need for deploying its own equipment. This partnership significantly expanded the business, including cooperation with MoneyGram in 2021. The company also increased the number of supported cryptocurrencies to seven, including ethereum, litecoin, and USDC.
Recent Developments
Coinme continues to expand its footprint. The company recently added over 9,700 physical bitcoin ATM locations to the bitcoin.com site and map, improving visibility and accessibility. The company also launched automatic and near-instant fulfillment of crypto purchases at Coinstar kiosks. The partnership with digital payments platform CiNKO expanded access to cryptocurrencies in Latin America and the Caribbean.
Coinme demonstrates significant growth and adaptation in the crypto industry. Through innovative approaches and strategic partnerships, the company continues to expand its services and improve access to cryptocurrencies for a broad audience.
