December 22, 2024

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[THE INVESTOR] US blockchain startup Coinme, which operates cryptocurrency ATM machines, on Aug. 16 said it is seeking to roll out its service in Korea before the year-end. 

Seattle-based Coinme is the first licensed Bitcoin ATM operator in the US, allowing consumers to set up an account, buy and sell cryptocurrencies with a simple touch of the screen. It is located at 67 stations across the US.
Coinme said it is eying Asia as the next spot for expansion, specifically focusing on Korea and other countries in the region, including Hong Kong and Singapore. 

“We have seen really promising interest in Coinme from Korea,” said CEO Neil Bergquist. “There’s a large and sophisticated cryptocurrency community which understands the potential of a token tied to real world applications.”

Berquist stressed Coinme is in line with Korea’s goal to reduce fees and increase convenience of cryptocurrencies in the market. “We see initiatives like Seoul Pay reflect the growing desire to reduce transaction costs for small business,” he said. “The Coinme ecosystem also seeks to offer massively reduced transaction costs, so we see real synergies with the Korean market.”

The firm uses its own cryptocurrency UpToken, which is listed on local exchange Upbit, to give out 1 percent cashback for all transactions that take place on the ATM. Users will also get a 30 percent discount on fees when they use UpToken for transactions.

By Ahn Sung-mi (sahn@heraldcorp.com)