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§ Private Profile · 255 S. King Street Suite 800, Seattle WA 98104
Licensed cryptocurrency cash exchange for buying and selling crypto with cash or debit at 50,000+ retail locations.
Based in Seattle, Washington, Coinme operates a licensed cryptocurrency cash exchange and provides Crypto-as-a-Service APIs that enable retail users to buy and sell digital assets. The company facilitates these transactions across a physical network of more than 50,000 retail locations and surpassed $1 billion in cumulative transaction volume during 2024. Its core infrastructure supports both direct consumer exchanges and embedded financial services for enterprise clients, generating revenue primarily through transaction fees on cash-to-crypto conversions. Operating with a workforce of approximately 95 employees, the firm maintains strategic partnerships and integrations with recognizable entities including Coinstar, MoneyGram, Exodus, and Mercuryo. Following its achievement of operational profitability, the enterprise was recently acquired by Polygon Labs in an undisclosed transaction. Coinme was originally founded in 2014 to launch the first licensed Bitcoin ATM in the United States.
Coinme has raised $17.5M across 3 funding rounds.
Coinme has raised $17.5M in total across 3 funding rounds.
Coinme has raised $17.5M across 3 funding rounds. Most recently, it raised $10.0M Other Equity in June 2021.
| Date | Round | Lead Investors | Other Investors | Status |
|---|---|---|---|---|
| Jun 16, 2021 | $10M Venture Round | Digital Currency Group | — | Announced |
| May 1, 2020 | $6M Series A | Pantera Capital | Abstract Ventures, Blockchain.com Ventures, Blockchange Ventures, BootstrapLabs, Evolve VC, Foundation Capital, Founders Fund, Kindred Ventures, Long Journey Ventures, Oyster Ventures, Propel Venture Partners, GIL Penchina, Seven Seven SIX, Y Combinator, Curtis LEE, George Burke, Mark Pincus, MO EL Bibany | Announced |
| Sep 16, 2019 | $1.5M Series A | — | Blockchain Finance Fund, Ethan Beard | Announced |
Coinme has raised $17.5M in total across 3 funding rounds.
Coinme's investors include Digital Currency Group, Pantera Capital, Abstract Ventures, Blockchain.com Ventures, Blockchange Ventures, BootstrapLabs, Evolve VC, Foundation Capital, Founders Fund, Kindred Ventures, Long Journey Ventures, Oyster Ventures.
# 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.