What Is Uptoken Cryptocurrency?

As things currently stand, the crypto market is valued at more than US$250 billion. While alt-currencies provide users with a high level of financial flexibility, crypto ATMs located all over the world amount to a total of just 1,600 kiosks.

Uptoken is the native currency associated with a Seattle-based company called Coinme to streamline digital asset procurement through the establishment of new ATM portals around the globe.

In addition to being a vertically integrated outfit, Coinme offers its users with a highly simplified pathway for obtaining cryptocurrencies via its specially devised kiosk hardware and software. Coinme is also involved in other niche aspects of altcoin sourcing including:

  • Obtaining required federal licensing as well as other regulatory licenses
  • Real estate acquisition
  • Managing cash logistics
  • Providing around-the clock-customer service

Through its ATMs, Coinme provides users with instant, on-the-spot fiat-to-crypto and crypto-to-fiat exchanges, thereby eliminating the uncertainty and long waiting periods that regular online exchanges impose on their users. Not only that, Coinme’s crypto ATMs also provide customers with a hassle-free transaction experience that eliminates any barriers to cypto adoption for non-technical users.


  • The platform allows users to facilitate instant crypto-fiat monetary transactions.
  • It can be utilized by novice as well as experienced crypto users.
  • It does not require users to link their bank account details to their UpToken profiles.
  • Customers are provided with incentives (such as cashback rewards) every time they use a Coinme ATM to withdraw money.
  • There is a dedicated customer support team which users can call 24/7 in case they have any doubts or queries regarding the platform.

Key Features

First of all, UpToken holders receive a flat 1% cash back on each transaction that is executed at any Coinme ATM kiosk. The money is provided in the form of UpTokens which can later be redeemed for either physical assets or other digital goods.  

Graph demonstrating the rise in crypto ATM use over the past three years

Secondly, customers receive a 30% discount on ATM transaction fees if they opt to spend their UpTokens to cover internal transaction charges. This is quite an attractive financial proposition for casual crypto enthusiasts who are looking to switch to digital currencies for their day-to-day payments.

Moreover, Coinme has implemented a voting protocol that allows users to choose, over time, the currencies they would like to see supported by the Coinme ATM network. According to the whitepaper, auctions will be held at the request of the Coinme community, and interested parties will use UpToken to vote and choose which currencies to adopt next.

How does the ecosystem work?

Unlike standard ATM providers, Coinme is associated with both the production and operation of ATM kiosks. The company develops and manages a full stack of technology ranging from the hardware design to the software of the dispensing unit. As a result, Coinme is equipped to meet the changing demands of the crypto market as the industry keeps evolving.


Overview of the CoinMe ecosystem

It is useful to remember that the company is completely vertically integrated, and thus can handle all aspects of the customer experience, from cash logistics to customer support and engineering.

In terms of the internal work-scheme of this platform, if a customer decides to make a purchase worth $1,000 from a Coinme ATM and the ATM transaction fee is 5%, the customer could choose to pay the fee from their Coinme UpToken wallet, which would reduce the transaction fee to 3.5%. All of the aforementioned discounts are applied immediately, and the savings are reflected in one’s wallet instantly.

Lastly, each time a person uses a Coinme crypto ATM, the company automatically deposits UpToken into the customer’s Coinme wallet equal to 1% of the amount of his or her ATM transaction as part of its customer rewards program.

About the company

With this venture receiving a lot of public interest recently, it can be beneficial for the readers of this article to learn a bit more about the people involved with this project.

Neil Bergquist is the co-founder and CEO of CoinMe. According to his professional bio, Neil has previously worked as:

  • The Director of Innovation at Delta Dental of Washington
  • Innovation Management Consultant at Point B, a consulting firm with offices throughout the U.S.

Additionally, Neil has been associated with a company called SURF Incubator in the past.

Michael Smyers is also a co-founder of this project. He is an engineer who has also been associated with a wide array of digital startups such as Zipwhip, a cloud-based texting platform.

Lastly, J.R. Willett is one of CoinMe’s key back-end devs. He is widely credited as the inventor of the token sale/ICO concept back in 2013 when he launched the Omni Layer digital fundraiser online. Omni is the second-largest ecosystem for crypto assets, hosting hundreds of millions of dollars worth of assets (including Maid Safe and Tether).

Token Performance

Since Uptoken has only been on the market for a little under a month, it can be difficult to assess its future market performance.

Uptoken (UP) lifetime performance chart (courtesy of CoinMarketCap)

Introduced into the market at a nominal rate of $0.41, UP tokens have gradually decreased in value over the course of the past few weeks. As of the 9th of April, 2018, the price of a single token currently stands at $0.125.

Final thoughts

With the adoption of cryptocurrencies at an all-time high, many market experts predict that altcoin ATMs will be the financial norm moving forward. With CoinMe providing its customer base with a fully functional, integrative platform, it will be interesting to see how this technology pans out.

If you would like to start investing in this project, UP trading pairs are currently being exchanged on websites such as UpBit, Bittrex, and Bancor Network.