Coinme is a technology company.
Coinme has raised $6.0M across 1 funding round.
Coinme has raised $6.0M in total across 1 funding round.
# Coinme: A Technology Company Overview
Coinme is a U.S.-regulated cryptocurrency exchange and fintech company that operates the largest cryptocurrency cash network in the world[2]. Founded on the belief that cryptocurrency should be accessible to everyone, Coinme builds infrastructure that enables consumers and businesses to buy, sell, and hold digital assets through both physical retail locations and digital platforms.
The company serves two primary markets: retail consumers seeking affordable cash-to-crypto conversion, and enterprise clients (fintechs, neobanks, and payment platforms) requiring embedded crypto infrastructure. Coinme solves the critical problem of financial inclusion in the crypto ecosystem—nearly 90% of the U.S. population now lives within five miles of a Coinme-enabled location[1], democratizing access to digital currencies for those without traditional banking relationships or technical expertise.
Coinme was founded in 2014 by Neil Bergquist and Michael Smyers, who recognized bitcoin's potential as an alternative store of value and medium of exchange[1]. The founding moment was pivotal: when bitcoin traded at approximately $400, Bergquist invested his personal savings and partnered with Smyers to pursue a first-of-its-kind virtual currency money transmitter license from Washington State[1].
The company achieved early regulatory validation in April 2014 when it received its state-issued money transmitter license, followed by the launch of the first licensed bitcoin ATM in the U.S. on May 1, 2014—one of only ten bitcoin ATMs deployed globally at that time[1]. This regulatory-first approach established Coinme's identity as a compliance-focused operator in an emerging industry.
Coinme operates at the intersection of financial inclusion and cryptocurrency adoption. The company is riding two powerful trends: the mainstream acceptance of digital assets and the growing demand for non-traditional financial services among unbanked and underbanked populations.
The timing is critical. As regulatory frameworks mature and institutional adoption accelerates, the infrastructure layer—the plumbing that connects fiat currency to crypto—becomes increasingly valuable. Coinme's early regulatory compliance and physical network position it as a bridge between traditional finance and digital assets, addressing a market gap that pure software platforms cannot fill.
The company influences the broader ecosystem by normalizing cryptocurrency as a consumer product rather than a speculative asset. By embedding crypto into everyday retail experiences and enabling payroll platforms to offer crypto wages, Coinme shifts crypto from a niche financial instrument to practical infrastructure for commerce and employment.
Coinme's trajectory suggests continued expansion in two directions: deepening its enterprise API business (powering crypto features within fintech apps and neobanks) and expanding its physical footprint beyond the U.S. The company has already processed over $1 billion in transactions[2], demonstrating sustainable unit economics and market demand.
The next phase will likely involve stablecoin adoption and cross-border remittances—areas where Coinme's cash network and regulatory standing provide structural advantages. As central bank digital currencies (CBDCs) emerge and crypto volatility stabilizes through stablecoins, Coinme's infrastructure becomes increasingly essential to the financial system.
What makes Coinme compelling is not technological novelty but regulatory clarity and distribution scale—unglamorous but durable competitive advantages in fintech. In a landscape where most crypto companies chase innovation, Coinme has built a business by solving the mundane problem of how ordinary people actually access digital assets.
Coinme has raised $6.0M in total across 1 funding round.
Coinme's investors include Abstract Ventures, Blockchain.com Ventures, Blockchange Ventures, BootstrapLabs, Evolve VC, Foundation Capital, Founders Fund, Kindred Ventures, Long Journey Ventures, Oyster Ventures, Pantera Capital, Propel Venture Partners.
Coinme has raised $6.0M across 1 funding round. Most recently, it raised $6.0M Series A in May 2020.
| Date | Round | Lead Investors | Other Investors |
|---|---|---|---|
| May 1, 2020 | $6.0M Series A | Abstract Ventures, Blockchain.com Ventures, Blockchange Ventures, BootstrapLabs, Evolve VC, Foundation Capital, Founders Fund, Kindred Ventures, Long Journey Ventures, Oyster Ventures, Pantera Capital, Propel Venture Partners, Gil Penchina, Seven Seven Six, Y Combinator, Curtis Lee, George Burke, Mark Pincus, Mo El-Bibany |