expresscoin

Expresscoin, founded in 2013 by Joseph Hsieh and Will Wheeler, operated as an online reseller for Bitcoin and other alternative digital currencies. The company was based in Santa Monica, California, and aimed to provide a straightforward platform for purchasing cryptocurrencies. PitchBook data indicates the company is now out of business as of February 2019.

The firm's business model centered on allowing users to buy digital currencies by transferring funds via wire transfer, cash deposits, personal checks, or money orders. It functioned as a non-custodial service, meaning users were required to provide their own existing digital wallet addresses for the direct deposit of purchased coins. For its service, the company charged a fee on transactions. Throughout its operation, Expresscoin processed over $15 million in transactions.

In July 2014, Expresscoin secured $150,000 in a seed funding round from investors including Blockchain Capital and BTCS. An earlier seed round in January 2013 raised $200,000. A notable development was a partnership with Gem in 2021 to integrate Gem's multi-signature security API, enhancing the security of internal operations and offering users an optional co-branded, secure wallet. This was a shift from its original 'bring-your-own-wallet' model. However, the company faced customer service challenges, with user reviews from 2014 and 2015 citing significant delays in processing transactions and poor communication.

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