The transition from traditional financial services to cryptocurrency offerings requires careful testing and validation. As companies explore digital asset integration, Coinme CEO Neil Bergquist brings unique insights from transforming his company from a single bitcoin ATM operator into America’s largest licensed cryptocurrency cash network, now processing over $1 billion in total retail sales.
This didn’t happen by chance. When Bergquist and his co-founder, Michael Smyers, launched Coinme, they faced a critical decision that would shape their entire approach to crypto services. Unlike many startups that rushed to market, they chose a methodical path, working closely with regulators and financial partners to build a sustainable foundation.
“We founded Coinme in 2014 because we believed in the power of crypto to help people improve their everyday financial lives,” said Bergquist. “New technologies and asset classes are usually only available to a select few. True to the servant ethos of bitcoin, we’re pleased to have made bitcoin accessible for all.”
Foundational Steps for Testing
Successful crypto service testing begins with a clear assessment of business objectives and capabilities. Through Coinme’s evolution as a financial services provider, Neil Bergquist discovered that companies must first evaluate their existing infrastructure and identify specific areas where cryptocurrency services could add value for their customers.
Before launching its first bitcoin ATM, Coinme spent months analyzing market demands and regulatory requirements. This preparation proved crucial: While other crypto companies rushed to market, Coinme’s methodical approach helped them secure Washington state’s first virtual currency license, establishing a foundation for future growth.
Creating a Pilot Framework
A well-structured pilot program provides essential validation while limiting potential risks. “We establish trust through the physical presence of a kiosk,” Bergquist explained in recent interviews, highlighting how Coinme’s initial testing focused on familiar retail environments where customers already conducted financial transactions.
Companies considering crypto pilots should start with limited deployments in controlled environments. Coinme’s experience shows that successful pilots require three key elements: clear success metrics, robust monitoring systems, and flexible response mechanisms for addressing unexpected challenges.
The testing environment should mirror real-world conditions as closely as possible while maintaining appropriate safeguards. This allows organizations to gather meaningful data about user behavior, technical performance, and operational requirements.
Technical Infrastructure Assessment
Understanding technical requirements represents a critical phase in crypto service testing. Coinme’s development of its crypto-as-a-service platform emerged from years of hands-on experience with various technical implementations.
The company’s integration with Coinstar demonstrates the importance of thorough technical testing. Rather than building new hardware, Coinme developed APIs that could enhance existing kiosks with crypto capabilities, dramatically reducing implementation complexity and cost.
Companies should evaluate their current systems’ compatibility with crypto services during the testing phase. This includes assessing API integration capabilities, security protocols, and scalability requirements. According to Bergquist’s insights, successful technical implementations often start small, but are designed with future scaling in mind.
Risk Management Protocols
Testing crypto services requires robust risk management frameworks that address technical and operational vulnerabilities. Coinme’s approach to risk management evolved through practical experience serving over 40,000 locations across 48 states.
Financial service providers must develop comprehensive testing protocols that examine potential failure points and regulatory compliance issues, including transaction monitoring systems, fraud prevention mechanisms, and customer verification procedures.
Regular security audits and compliance reviews should be integrated into the testing process from the beginning. As Bergquist recently noted, companies must balance innovation with protection, ensuring that new services meet customer needs and regulatory requirements.
Measuring Success Metrics
Effective testing programs require clear, measurable objectives. Companies should establish both quantitative and qualitative measures for assessing their crypto service tests. Key performance indicators might include technical performance metrics, customer satisfaction scores, and operational efficiency measurements.
Regular evaluation points throughout the testing phase allow for necessary adjustments and optimizations. This iterative approach helps organizations refine their services based on real-world performance data and user feedback.
Successful crypto service testing requires comprehensive support infrastructure. Through its partnerships with major retailers and financial service providers, Coinme learned the importance of building robust support systems before full-scale deployment.
Training programs, technical documentation, and customer service protocols should be developed and tested alongside the core service offerings. This includes creating educational resources for both staff and customers, as well as establishing clear procedures for handling technical issues and user questions.
Real-world testing often reveals unexpected support requirements. Organizations should maintain flexibility in their support systems during the testing phase, allowing for quick adjustments based on actual user needs and experiences.
The path to successful crypto service implementation starts with thorough testing and validation. As Neil Bergquist’s experience with Coinme demonstrates, companies that take a methodical approach to testing while maintaining flexibility for adaptation position themselves for sustainable growth in the digital asset space.
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