Longevity can be a rare commodity for crypto companies, but Coinme, a Seattle-based exchange specializing in powering bitcoin ATMs, has not only survived, but thrived over the past decade. The enterprise has grown from a scrappy side project to a major player in the industry. In May, it announced it had surpassed $1 billion in retail sales, marking a significant milestone in its 10-year journey.
Coinme’s story is one of perseverance, regulatory navigation, and strategic pivots. It’s a trajectory that illuminates the broader narrative of cryptocurrency’s integration into mainstream finance, a process that has not always been smooth.
Coinme’s Origins
The company’s origins trace back to 2014, when CEO Neil Bergquist and his co-founder, Michael Smyers, were inspired by the concept of decentralized money. At the time, Bergquist was working as the managing director at Surf Incubator, a community space for digital entrepreneurs in Seattle.
“I knew the technology, specifically bitc
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