4 min read
Genesis Coin Inc, Powering 35% of Global Bitcoin ATM Transactions, Acquired by Bitstop Founders
Genesis Coin Inc, the first and largest Bitcoin ATM software platform worldwide, announced today that they had been acquired by early Bitcoin ATM pioneers Andrew Barnard and Doug Carrillo
Founded in 2013, Genesis Coin’s technology powers approximately 35% of global Bitcoin ATM transactions. Barnard and Carrillo, who also founded Bitstop, built the first and largest private-label Bitcoin ATM platform based in Miami, FL, with over 2,500+ Bitcoin ATMs worldwide. Genesis Coin and Bitstop represent over 75+ operators operating 12,000+ Bitcoin ATMs in the United States and international markets, powering billions of dollars in annual sales volume.
As part of the acquisition, Andrew Barnard will become Chief Executive Officer, and Doug Carrillo will become Chief Strategy Officer. Both will join the Board of Directors of Genesis Coin. Evan Rose, Genesis Coin’s founder, will stay on as a technical advisor and remain a member of the company’s Board of Directors. The Genesis Coin headquarters will move to Miami, Florida.
“Genesis Coin gave birth to the Bitcoin ATM industry,” said Barnard. “It’s the first and largest Bitcoin ATM software platform in The World. Evan built a platform trusted by some of the largest Bitcoin ATM operators in our industry, domestically and internationally, including the Chivo network, in partnership with the Government of El Salvador.
Our industry is rapidly changing, and Genesis Coin will lead the way into the future. Accomplishing this requires a solid team of world-class visionaries and developers. At Bitstop, we built an incredible software team and platform that has partnered with some of the largest private and publicly traded companies from the traditional ATM industry. We plan to bring our background and expertise in building the best technology and team in the Bitcoin ATM industry to Genesis Coin. We believe this is a win-win for all stakeholders,” furthered Barnard.
“Andrew, Doug, and I have been friends for a long time and have also been friendly competitors,” commented Rose. “They have a reputation for their innovative and creative thinking. In addition, they have successfully established key relationships in the Bitcoin space, and their technical expertise and knowledge of Bitcoin is very impressive. In turn, this has allowed them to attract and retain top-tier talent and build great products. This transaction represents the coming together of the two leading software platforms in the industry and creates value for both company's stakeholders. It combines the space's best product, engineering, and leadership teams. I’m thrilled to work alongside them and look forward to introducing very exciting new products and services we have planned for this year,” commented Rose.
Barnard, Carrillo, and Rose stressed the importance of providing stability to both platforms and continuing to service the needs of operators on both platforms. For the moment, both the Genesis Coin and Bitstop platforms will continue to run independently while exploring technical synergies. Genesis Coin has already made several key hires to its development team, with a core focus on product development.
“This acquisition represents the most significant event in the Bitcoin ATM industry to date,” said Carrillo. “Our commitment is to provide Genesis Coin with the proper resources it needs to pave the way for continued growth and innovation. We truly believe that this new combination of the best minds in our space will be the catalyst for the Bitcoin ATM industry evolving into its next phase. We are hyper-focused on building the best software for Bitcoin ATMs in the world. Today, the most sophisticated operators in our industry rely on Genesis Coin and Bitstop technology to power their businesses. As a result, we have become ‘The Standard’ in the Bitcoin ATM space where virtually all industry organic M&A activity today is occurring on the Genesis Coin and Bitstop networks.” concluded Carrillo.
“Leverage dominated the entire cryptocurrency space over the last two years. Many other platforms in our industry couldn’t resist the siren song,” said Barnard. “This is a capital-intensive industry where you do not want to be in a lot of debt. Genesis Coin is financially secure with a strong balance sheet, no debt, and strong cash flow. The company does not have external investors. The result of this is that operators can build their future on the Genesis Coin platform with confidence. In a volatile industry, we are a beacon of stability. We are bullish on the potential of this industry. We see significant market growth from here over the next 10 years. We believe we are in the best position in the industry to unite the very best operators and support their growth. Our goal is to listen to our operators and deliver the very best products and features to them so they can deliver maximum value to their customers at scale,” concluded Barnard.
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