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Coinme entered into a bigger collaboration with Coinstar to become the largest Bitcoin kiosk network in the world. The two firms already have a strong partnership upon which they now further expand.
The blockchain-based financial technology giant Coinme established itself as the largest player in the Bitcoin kiosk business as it announced an expansion of a partnership, empowering its digital currency operations. Collaborating with Coinstar, it now offers its service across a network comprising more than 2,100 locations. The announcement of their strong national momentum and the growth of their digital currency business has been the driving force behind the increase in the number of kiosks where users can buy Bitcoins.
Coinme had a humble beginning. It began operations in 2014 when it became the first Bitcoin kiosk company to obtain a license. Before entering into a collaboration with Coinstar, they were initially present only across 70 locations.
The Company’s Stand
The company issued a press release on 24th April containing the details of the collaboration and some growth policies. Neil Bergquist, Coinme’s founder and CEO, explained that the growth is a result of their ‘leadership since the early days’ of the crypto industry. He further adds that their ‘expanded ability to offer local kiosks’ coupled with their ‘relentless focus on customer success and product innovation’ has been the reason for Coinme becoming one of the safest and the most trusted brands in the crypto ATM market. It has allowed the company to set global standards in the field of digital cryptocurrency exchanges.
Jim Gaherity, the CEO of Coinstar, seems confident about the current and future prospects of the company, according to his statement issued in the press release. He mentions that the kind of response that Coinstar kiosks are getting is ‘extremely positive.’ He also stated that the company has been experiencing an overwhelming demand from consumers and retail partners alike. He went on to add that they are ‘extremely pleased’ and are looking forward to continuing their expansion to new markets in the coming month.
The Strong Quarter
2019 has been an amazing year for the company as it registered the most successful quarter in its entire history of 5 years. It was able to achieve a growth of 38 percent in user acquisition; it also achieved a gain of 92 percent in transaction volume and an astounding rise of 109 percent in the number of transactions processed as compared to Q1 in 2018.
Apart from the fascinating numbers, the company has also managed to double both its customer base and employee headcount. There has been a large increase in the number of products offered by the company, the technologies that it provides, and the number of client services for both consumers and businesses. It also opened a new headquarter in Downtown Seattle, at the Columbia Center.
The company successfully launched in select Albertsons and Safeway, across the states of Washington, California, and Texas, which allowed Coinme to register a growth of 15 percent every week in terms of the number of customer acquisitions. It has now set its sight for expansion in 19 states spread across the U.S which include Boston, Chicago, the District of Columbia, and Philadelphia, generally considered as key markets.
Coinme also has plans in major metro markets like Austin, Houston, Los Angeles, San Diego, and Seattle. It is in the process of allowing new retailers like Jewel, Shaw’s, and Save Mart to be authorized partners of Coinme.
When it comes to human resource, the company hired two new executives for handling crucial positions. They appointed Alex Ketter as their Chief Compliance Officer, who has an experience of more than 10 years in financial and regulatory compliance and has worked for companies like Google and Fiserv. Also joining the roster is their Chief Marketing Officer, Jon Maron, who is a distinguished professional with an experience of more than 20 years in helping new technologies get to the forefront. He has worked for brands like HTC, LG, TCL, and Sony.
With these new and exciting developments, Coinme has become a force to reckon with.