Miami, Fla., Jan. 24, 2023, Chainwire
Genesis Coin Inc, the world’s first and largest Bitcoin ATM software platform, today announced that it has been acquired by early Bitcoin ATM pioneers Andrew Bernard and Doug Carrillo.
Founded in 2013, Genesis Coin’s technology powers approximately 35% of global Bitcoin ATM transactions. Barnard and Carrillo, also the founders of Bitstop, built the first and largest privately-labeled Bitcoin ATM platform based in Miami, Florida, where he installed over 2,500 of his Bitcoin ATMs worldwide. . Genesis Coin and Bitstop represent over 75 operators operating over 12,000 Bitcoin ATMs in the U.S. and international markets, supporting billions of dollars in annual revenue.
As part of the acquisition, Andrew Bernard will become Chief Executive Officer and Doug Carrillo will become Chief Strategy Officer, both of whom will join Genesis Coin’s Board of Directors. Genesis Coin founder Evan Rose will remain a technical advisor and a member of the company’s board of directors. Genesis Coin’s headquarters will move to Miami, Florida.
“Genesiscoin spawned the Bitcoin ATM industry” Bernard said. “This is the first and largest Bitcoin ATM software platform in the world. Evan has partnered with the government of El Salvador to build a platform trusted by some of the largest Bitcoin ATM operators in the industry, including the Chivo network. bottom.
Our industry is currently changing rapidly and Genesis Coin will lead the way into the future. Achieving this requires a strong team of world-class visionaries and developers. At Bitstop, we have built a great software team and platform that have partnered with both private and public companies in the traditional ATM industry. We will bring to Genesis Coin our background and expertise to build the best technology and team in the Bitcoin ATM industry. We believe this is a win-win for all stakeholders,” continues Barnard.
“Andrew, Doug, and I have been friends and friendly competitors for a long time.said Rose. “They have a reputation for innovative and creative thinking. In addition, they have successfully established important relationships in the Bitcoin space, and their technical expertise and knowledge of Bitcoin is very impressive.” This has allowed us to attract and retain top talent and build great products.This transaction represents the consolidation of two industry-leading software platforms, delivering value to the stakeholders of both companies. We have combined the best product, engineering and leadership teams in the space and we are thrilled to be working with them and to introduce some very exciting new products and services we have planned for this year. I look forward to Rose commented.
Barnard, Carrillo, and Rose emphasized the importance of continuing to provide stability to both platforms and to continue to service operator needs on both platforms. For the time being, both the Genesis Coin and Bitstop platforms will continue to operate independently while exploring technical synergies. Genesis Coin has already hired several key talents for its development team focused on product development.
“This acquisition is the most significant event in the Bitcoin ATM industry to date.” Carrillo said. “Our commitment is to provide Genesis Coin with the right resources it needs to pave the way for continued growth and innovation. We truly believe that we will be the catalyst for the evolution of the ATM industry to the next stage.We are very focused on building the best software for Bitcoin ATMs in the world today. The most sophisticated operators rely on Genesis Coin and Bitstop technology to power their businesses, resulting in organic M&A activity in virtually every industry taking place on the Genesis Coin and Bitstop network. In the ATM space, we have become the ‘standard’. ” Carrillo concluded.
“For the past two years, leverage has dominated the entire crypto world. Many other platforms in our industry have been unable to resist Siren Song.” Bernard said. “This is a capital intensive industry that does not want to take on a lot of debt. Genesis Coin is financially secure with a strong balance sheet, no debt and strong cash flow. The company has no outside investors. As a result, operators can confidently build the future on the Genesis Coin platform.In a volatile industry, we are the stable light.We are bullish about the potential of this industry.Future. Over the next ten years, we see the market grow significantly from here and we believe we are well-positioned to bring together the best operators in the industry and support their growth. Our mission is to listen to our operators and provide the best products and features to enable them to deliver maximum value to their customers at scale.” Bernard concluded.
About Genesis Coin
Genesis Coin is the world’s first and largest white-label Bitcoin ATM network. We are the premier provider of Bitcoin vending solutions. Genesis Coin’s proprietary managed infrastructure software solutions are propelling it to become the largest provider of Bitcoin ATMs and software that facilitates the self-service buying and selling of billions of dollars of cryptocurrencies worldwide each year. Genesis Coin’s software provides customers with a highly reliable and customized operating platform. Genesis Coin provides the software by selling BTM to third party operators. Third-party operators offer an opportunity for businesses looking to diversify their revenue and drive traffic to their location. Our machine makes Bitcoin simple for everyone. www.bitcoinatm.com
CEO, Andrew Bernard, Genesis Coin Inc., [email protected]