How Is Coinme Pushing Ahead With Its Mission To Provide Consumers Cryptocurrency Access?
Coinme has set an agenda for itself to make sure that consumers get enough access to digital currencies. As part of it, the start-up has achieved a key milestone of installing 50th ATM for cryptocurrencies. Aside from this, the company has also moved into a new office in Seattle location apart from expanding its advisory services in respect of virtual asset for customers with big transactions. In 30 States, it is a licensed transmitter of digital currency.
As if these were not enough, Coinme would also be rolling out a fresh feature soon. The feature would enable people to acquire digital coin with the help of their credit card as the company is keen to expand its horizon. The firm is growing even as the cryptocurrency market is struggling to retain its prices and the prices have dropped significantly in the recent past. For instance, bitcoin price hit the year’s low last Sunday when it traded below the $6,000 mark as regulators came down on their foot with one or the other regulation.
However, that is not stopping anyone from being confident about the future of the digital coins. For instance, Andreessen Horowitz, a top venture capital company, has unveiled a fund worth about $300 million to focus on virtual currency associated projects, geekwire.com reported. During the last two-year period, PitchBook pointed out that about 179 venture capital investors have participated in a minimum of one digital coin start-up deal.
Neil Bergquist, CEO of Coinime, disclosed that at least two recent market trends suggested that cryptocurrency would continue to see momentum. While the first one related to the SEC disclosing that Bitcoin and Ether were not securities, the second was in respect of growth in Asian nations such as Thailand, Singapore, South Korea and Japan. The company believes that the United States is behind others either in respect of overall adoption or trading volume.
Bergquist said, “In the U.S. we’re still dealing with a mass market that is confused and really misunderstands what digital assets are and how they can be of significant value. There’s confusion in the marketplace, and that’s why our crypto advisory services have grown very quickly.” He also indicated that enhanced blockchain technology could enable adding of transaction capacity.
Transaction and Services
Though the technologies came out in 2009, users could see them starting to live up to the expectations of use cases only in the recent past. Coinme also makes money from ATMs transaction fee, as well as, advisory services. Their services would enable customers not only buy bitcoin but also sell whenever the user wants. The company is using about one percent of every ATM transaction to engage itself in buying UpToken that is offered to Seattle area customers through one percent cash back reward.
The company is one among the blockchain-associated firms. There are already start-ups such as Strix Leviathan and Merit and Unikrn that introduced a fresh Seattle-based venture fund. Over $190 million is earmarked for blockchain apps and start-ups next year.