Ripple’s fundraising and development arm Xpring has invested $1.5 million in the Seattle-based crypto ATM company Coinme.
Coinme operates 2,583 crypto ATMs around the world and bills itself as the largest Bitcoin kiosk network on earth.
The head of Xpring, Ethan Beard, says he’s looking forward to seeing XRP debut on the company’s line of ATMs.
Can’t wait to see #XRP on @CoinmeATM! Investing in Coinme by Suneet Wadhwa https://t.co/wVSS2Qixpr
— Ethan Beard (@ethanbeard) September 13, 2019
Ripple says the move into crypto kiosk technology is key to the expansion of the ecosystem, according to a press release.
“This is the kind of infrastructure we at Xpring want to support as it aligns with our mission to advance the proliferation and adoption of cryptocurrencies, such as XRP, to solve real-world problems.
This is Xpring’s first investment in the cryptocurrency kiosk industry. The funds will be used to obtain additional licenses to operate nationwide and expand to key international markets.”
Ripple has invested more than half a billion dollars in companies building on blockchain technology through Xpring.
Xpring is also allocating funds to create tools that will help developers build on the XRP ledger.
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