Cryptocurrency ATM Coinme has reportedly bagged $5.5m in its funding round, following a sharp rise in the use of its services.
The FinTech has witnessed a 40% rise in transaction volumes since February 2019, according to a report from GeekWire.
Pantera Capital led the investment and the firm’s co-chief investment officer Joey Krug will join the Coinme board of directors as part of the deal, the report states.
With the fresh funds, the company will look to expand its operations into Latin America.
Coinme is a US-based ATM service company which has more than 3,500 terminals spread across the country. People can go to a kiosk and purchase bitcoin in a safe manner at their local grocery store.
It works by a customer inserting cash to the terminal in exchange for a voucher which can then be redeemed online for the cryptocurrency. Users can also use Coinme to create a free crypto wallet to store their tokens.
The Coinme cryptocurrency kiosks are available in 27 US states.
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