Beyond Banking: Coinme’s 40,000 Locations Redefine Cash Access to Digital Currency

• Michael Willson
• May 22, 2025

The cryptocurrency revolution promised financial access for anyone with an internet connection. Yet for millions of Americans who rely on cash or lack traditional banking relationships, digital currency has remained frustratingly out of reach. Through an extensive network of physical locations, Seattle-based crypto exchange Coinme has taken a different approach—meeting cash-preferred customers where they already shop.

“We’ve solved the access problem. There is a Coinme location located within roughly 5 miles for 90% of the American population,” explains Neil Bergquist, CEO and co-founder of Coinme. This remarkable statistic represents a profound shift in how cryptocurrency can be accessed, particularly for the substantial segment of Americans left behind by digital-only financial services.

Cash Economy: Hidden in Plain Sight

Despite technological trends toward cashless payments, physical currency remains vital to many Americans’ financial lives. While exact figures vary by source, approximately 22% of U.S. adults are unbanked or underbanked—either lacking access to traditional banking services entirely or supplementing them with alternative financial services.

Those who rely primarily on cash often struggle to participate in digital finance. The typical cryptocurrency onboarding process assumes users have bank accounts, credit cards, and comfort with digital transactions. Coinme recognized this gap early, positioning itself to serve this overlooked demographic.

“I’ve learned that consumers don’t always want their bank account to be watching their every move in a Big Brother way,” notes Bergquist. “They believe cash is freedom, and they love bitcoin because they believe bitcoin is freedom from the existing establishment”.

This population includes not just the unbanked, but also privacy-conscious consumers, older Americans uncomfortable with digital-only services, and those who simply prefer the tangibility and familiarity of cash transactions.

Creating Physical Bridges to Digital Currency

Coinme’s approach centers on transforming physical cash into digital assets through strategic retail partnerships. Rather than building a proprietary ATM network from scratch—an approach many competitors have taken—Coinme developed technology that integrates with existing retail kiosks and point-of-sale systems.

The company’s most significant breakthrough came through partnerships with Coinstar and MoneyGram, allowing customers to purchase cryptocurrency with cash at grocery stores, pharmacies, and other familiar retail locations. This strategy turned everyday shopping destinations into cryptocurrency access points.

“The reason why we’re in the largest grocery retailers in the United States is because we’ve solved the trust problems and we make crypto safe, we de-risk it, and that’s why we have these massive partnerships in place,” Bergquist emphasizes.

Through these partnerships, Coinme now enables cryptocurrency transactions at over 40,000 physical locations nationwide. These access points include more than 6,000 Coinstar kiosks at grocery stores and thousands of MoneyGram agent locations.

Simplifying Technical Complexity

Physical access alone isn’t sufficient to serve cash-preferred customers. The technical complexity of cryptocurrency presents another significant barrier. Managing private keys, understanding wallet addresses, and navigating blockchain transactions can intimidate newcomers.

Coinme addressed this challenge by developing an integrated wallet solution that handles technical details behind the scenes. When customers purchase cryptocurrency with cash, funds automatically transfer to their Coinme wallet without requiring manual wallet setup or address management.

“Anyone who has ever sent bitcoin or digital currency on-chain, I think, can agree that it’s scary,” Bergquist acknowledges. “You’re entering in a 16-character alphanumeric phrase. You’re copying and pasting it into a little box and then you’re clicking confirm. And once you click confirm, there’s no going back”.

By eliminating this complexity, Coinme creates a more familiar and accessible experience for those new to cryptocurrency. A person purchasing bitcoin through Coinme “doesn’t need to research how to set up a separate wallet solution to store bitcoin. After purchase, the bitcoin is instantly loaded to the Coinme Wallet accessible via the Coinme app or website”.

Cross-Border Impact: Addressing Remittance Needs

Financial inclusion extends beyond domestic consumers to include immigrant communities who regularly send money to family abroad. Traditional remittance services often charge substantial fees—the World Bank reports that the global average cost of sending $200 internationally remains above 6% of the amount sent.

Cryptocurrency offers a potential solution to this long-standing problem by providing faster, cheaper international transfers. Coinme has positioned its physical network as an onramp for these remittance flows, particularly to Latin America.

“There’s $50 billion a year of cash that’s sent from the United States to Latin America, and that’s cash to cash, which is surprising,” Bergquist points out. “Well, now you can put that cash into a Coinme location, get crypto and send that anywhere faster and cheaper than a lot of existing solutions”.

The company has strengthened its commitment to this use case through a partnership with global digital payments platform CiNKO announced in April 2024, specifically highlighting international payment channels to Latin America and the Caribbean. This expansion aims to better serve immigrant communities while providing practical cryptocurrency applications beyond speculation.

Trust Through Physical Presence

For many consumers, particularly those with limited experience with digital assets, physical presence creates trust. Seeing a Coinme-enabled kiosk in a familiar grocery store provides reassurance that might be lacking from a purely digital exchange.

“We establish trust through the physical presence of a kiosk,” says Bergquist. “We literally had customers in the early days say, ‘Well, I know you’re not going to steal my money, because then I’m going to steal your machine'”.

This trust factor extends beyond the physical machines to include Coinme’s regulatory compliance. The company currently operates in 48 states, demonstrating a commitment to operating within established financial regulations.. For cash-preferred customers who may view digital-only services with skepticism, this combination of physical presence and regulatory compliance creates confidence.

Education as the Final Frontier

While access and simplicity address key barriers, education remains crucial for driving adoption among cash-preferred customers. Many potential users have limited knowledge about cryptocurrency fundamentals or practical applications.

Coinme has recognized this challenge, launching initiatives like cryptoliteracy.org to assess and improve public understanding. “Every November we publish a survey assessing Americans’ basic knowledge of crypto literacy,” Bergquist explains. “We have a basic crypto literacy test and unfortunately a lot of people can’t pass it”.

This educational focus complements the company’s physical infrastructure, helping customers understand not just how to buy cryptocurrency but why it might benefit their financial lives.

Growth Metrics and Future Outlook

Coinme’s approach to financial inclusion has shown promising results. The company surpassed $1 billion in retail sales in early 2024, achieving an average annual revenue growth rate of 164% since its founding a decade earlier.

Looking forward, the cryptocurrency ATM market shows strong growth potential. According to Grand View Research, the global crypto ATM market was valued at $182.1 million in 2023 and is projected to grow at a compound annual rate of 63.4% through 2030. Bergquist has even more ambitious projections, suggesting “the bitcoin ATM market is projected to grow to $16.85 billion by 2033”.

This growth trajectory suggests that physical access points will remain relevant even as digital finance continues its expansion. By meeting cash-preferred customers where they already shop and providing trusted pathways to digital assets, Coinme has established a unique position in an industry often criticized for catering primarily to the tech-savvy and already banked.

The Vision: True Financial Choice

For Bergquist, Coinme’s physical infrastructure represents more than just a business opportunity—it’s about providing financial choice to all consumers, regardless of their banking status or technological comfort.

“We’ve survived three crypto winters, growing to over 40,000 locations where we’ve crypto-enabled existing kiosks and ATMs. This pivot from hardware to software has helped us scale and become profitable”.

By creating accessible on-ramps and off-ramps between physical cash and digital currency, Coinme aims to ensure that cryptocurrency’s benefits extend beyond tech enthusiasts to include the millions of Americans who remain cash-dependent. Through this approach, the cryptocurrency revolution may finally fulfill its promise of greater financial inclusion rather than creating yet another system that leaves vulnerable populations behind.