Bitcoin ATM Side Hustle Turns into Full-Time Business, Reaches $1 Billion in Sales

Coinme, a cryptocurrency exchange based in Seattle, recently made headlines as it reached a significant milestone in its business journey. Co-founded by Neil Bergquist and Michael Smyer, Coinme hit $1 billion in sales after a decade of operation, boasting an impressive 164% yearly growth rate.

The journey of Coinme began with Bergquist’s background as the managing director at SURF Incubator, where he supported digital entrepreneurs and gained insight into the potential of bitcoin technology. Inspired by the success of the world’s first bitcoin ATM in Vancouver, Bergquist and Smyer saw an opportunity to bring this innovation to the U.S. market.

However, the road to success was not without its challenges. From navigating complex regulatory requirements to managing cash logistics for their bitcoin ATMs, the Coinme team faced numerous obstacles along the way. Bergquist even had to work nights and weekends without pay to keep the business afloat during its early years.

Despite the hardships, Coinme persevered and eventually secured outside funding that allowed them to scale up their operations. Today, the company has expanded to over 40,000 locations, offering crypto-enabled kiosks and ATMs to customers across the country.

Looking ahead, Coinme is on track to double its revenue this year, showcasing the resilience and determination of its founders. Bergquist’s advice to aspiring entrepreneurs is to pursue what they love, validate key assumptions, and seek support from others in their journey towards building a successful business.

Coinme’s story serves as a testament to the power of innovation, perseverance, and belief in the potential of new technologies to shape the future of finance.