Coinme Surpasses $1 Billion in Retail Sales, Marks 10th Anniversary

USA - English

• USA - English

Cash-to-crypto access pioneer and trailblazer marks resilience and sustainability with an average yearly revenue growth rate of 164% since inception

SEATTLE, May 1, 2024 /PRNewswire/ -- Coinme, a leading cryptocurrency cash exchange in the U.S., proudly announced today that it has surpassed a milestone of $1 billion in retail sales, marking 10 years since their launch of the first licensed bitcoin ATM in the world. Within a decade, Coinme has grown into the only crypto exchange with over 40,000 physical locations to purchase and sell crypto with cash through key partners, including Coinstar® and Moneygram. It has also achieved a yearly average growth rate of 164% since its inception. The company's resilience and profitability are attributed to its commitment to offering everyday consumers user-friendly, reliable, and trustworthy access to crypto right in their neighborhoods.

"We founded Coinme in 2014 because we believed in the power of crypto to help people improve their everyday financial lives," said CEO and co-founder, Neil Bergquist. "New technologies and asset classes are usually only available to a select few. True to the servant ethos of bitcoin, we're pleased to have made bitcoin accessible for all. We've weathered many market cycles and are proud to emerge from the recent bear market profitable, growing quickly and marking a decade of providing dependable retail access to crypto."

In 2014, the company launched the first licensed bitcoin ATM in the U.S. in Seattle, one of the first ten to be deployed globally. Coinme has maintained a close working relationship with regulators since its inception, demonstrating its unwavering commitment to regulatory rigor. This commitment is further evidenced by its compliant operations in 49 states, with New York coming soon. In 2017, the company pivoted to crypto-enabling financial institutions, a move that has proven successful. Coinme's commitment to regulatory compliance and its innovative approach to crypto has attracted major partners, leading to its position as the largest cash-to-crypto physical ecosystem in the U.S.

Through its partners, there is a Coinme location within five miles for more than 90% of the American population. Coinme's unique retail-centric approach, setting it apart from other crypto exchanges, resonates with mainstream cryptocurrency users seeking convenient and user-friendly crypto access. Consumers can be wary of adopting new technologies, especially ones that seem like 'magic internet money.' By offering bitcoin and other cryptos through branded partners in a trusted retail setting, Coinme helped solve crypto's trust problem. The days of meeting strangers in a coffee shop to swap cash for a USB stick with bitcoin are far behind. Initially offering bitcoin, Coinme now offers eight other cryptos, including Ethereum, Lumens, and Litecoin.

"Coinstar is committed to continuing to offer consumers a bridge to the digital economy, including digital currencies," said Kevin McColly, CEO at Coinstar.  "The Coinme and Coinstar collaboration has provided value to both our customers and retailers."

Coinme has been widely recognized for its achievements, ranking first in Washington state as the fastest-growing company by Deloitte Technology in 2021, among the top ten fastest-growing companies in the Pacific Northwest by Inc. 5000 in 2022, and one of America's fastest-growing companies by The Financial Times. These accolades serve as a testament to Coinme's resilience and sustainability. To fuel its growth over the years, the company has raised a total of $35 million in funding from industry leaders such as Pantera Capital, Digital Currency Group, Ripple, Circle, Coinstar and MoneyGram.

"Coinme is a pioneer in driving retail adoption for digital currencies. They have demonstrated resilience and continue to innovate to make crypto more accessible to everyone," said Lauren Stephanian, General Partner of Pantera Capital. "Its commitment to retail adoption and key partnerships set a new standard for the industry. We proudly support Coinme's continued growth and contribution to mainstream crypto adoption."

As an innovative player in the rapidly evolving crypto space, Coinme's Crypto-as-a-Service enterprise API also plays a crucial role. It enables financial services to remain competitive and, most importantly, quickly meet the growing customer demand for access to purchase or sell crypto in the platforms they already use. Since November 2022, Crypto-as-a-Service has powered MoneyGram Online's crypto platform and looks forward to welcoming additional partners in the near future.

For more information on Coinme, please visit https://www.Coinme.com. To learn more about its Crypto-as-a-Service offering, please visit https://www.Coinme.com/enterprise.

About Coinme, Inc.
Coinme® is a leading US-regulated cryptocurrency exchange founded in 2014 with the mission to be the world's trusted gateway to digital currencies and a better financial future. Coinme powers the largest cash exchange in the world, with over 40,000 physical locations to instantly cash in and out of crypto. In addition, the company's Crypto-as-a-Service (CaaS) offering provides an enterprise-grade API that "crypto-enables" digital and physical financial infrastructure. With a vertically integrated suite of consumer products, Coinme delivers a simple, trusted, instant, and affordable way to buy, sell, store and manage crypto. For more information, visit www.coinme.com.

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SOURCE Coinme